Gold traded lower on MCX on November 6 as oil prices climbed and the US witnessed an AI sell-off overnight. Meanwhile, December gold futures fell 1.46% to Rs. 1,42,421 per 10 grams, and December silver futures declined 1.36% to Rs. 1,84,600. Brent crude futures rose 1.44% to USD 99.71 per barrel. US West Texas Intermediate (WTI) advanced 1.04% to USD 91.46 per barrel.
24K gold stood at Rs. 1,42,750 per 10 grams, while 22K gold traded at Rs. 1,33,730. Citywise, Mumbai gold prices were at Rs. 1,42,490 and gold in Kolkata traded at 1,42,250, while Delhi was at Rs. 1,42,250 and Chennai at Rs. 1,42,850.
US gold prices fell as a rebound in oil prices expanded inflation concerns and fuelled higher-for-longer interest rate expectations. Investors now await key US payrolls data later in the day. Spot gold fell 1.14% to USD 4,042.75 per ounce.
US gold futures for December delivery dipped 1.49% to USD 4,052.20. Spot silver declined 0.70% to USD 51.42 per ounce, platinum fell 0.52% to USD 1,512.11, and palladium edged down by 1.18% to USD 1,022.85.
Also Read: How Gold Loan Interest Rates Respond to Festive Season Demand Spikes
“Crude oil has rebounded mostly over the past day, which remains one of the inflationary knockbacks pressuring gold,” said Ilya Spivak, Head of Global Macro at Tastylive.
“Markets are still digesting the US midterm election outcome, leaving gold largely rangebound in a consolidation phase,” Spivak further added.
XAU/USD trades at USD 4,042 with a slightly bearish near-term tone as it remains capped by the 20-day exponential moving average (EMA) around USD 4,065. The Relative Strength Index (14) near 47 stays below the midline and suggests a lack of bullish conviction rather than outright selling pressure.
On the upside, immediate resistance is the November 5 high at USD 4,147, followed by USD 4,200. On the downside, the recent low of USD 3,870.25 will be the key support level.