Gold traded higher on MCX on October 27 as the markets await the United States Federal Reserve's interest rate decision later today. Meanwhile, December gold futures fell 0.43% to Rs. 1,43,721 per 10 grams, and December silver futures declined 0.62% to Rs. 1,95,500. Brent crude futures rose 1.44% to USD 115.5 per barrel. US West Texas Intermediate (WTI) advanced 1.43% to USD 101.3 per barrel.
24K gold rose by Rs. 66 to Rs. 1,43,950 per 10 grams, while 22K gold also advanced by Rs. 60 to Rs. 1,31,950. Citywise, Mumbai and Kolkata mirrored prices at Rs. 1,43,950, while Delhi was at Rs. 1,44,100 and Chennai at Rs. 1,43,950.
US gold prices fell as investors awaited the Federal Reserve's policy decision later in the day, where the central bank is widely expected to leave interest rates unchanged. Spot gold fell 0.48% to USD 4,040,84 an ounce.
US gold futures for December delivery traded 0.51% lower at USD 4,053.90 per ounce. Spot silver fell 0.85% to USD 53.95 per ounce, and palladium dipped 0.57% to USD 1,030.85. Spot platinum fell 0.64% to USD 1,534.52 per ounce.
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XAU/USD trades at USD 4,040, keeping a bearish near-term tone as spot remains below the 20-day Exponential Moving Average (EMA) at roughly USD 4,121. The Relative Strength Index (RSI) hovers near 40, reinforcing weak momentum.
“Gold is moving based on the interest rate expectations and inflation risks because of higher energy prices,” said Soni Kumari, an analyst at ANZ. “As a result, the Fed will remain cautious, which remains a short-term key headwind for gold,” she further added.
On the upside, immediate resistance is defined by the 20-day EMA at USD 4,121, and a daily close above this level will be required to ease downside pressure. With no nearby structural support, gold remains vulnerable to further decline while it trades under its short-term EMA; to ease this, bulls must reclaim the USD 4,120 area.