Gold traded higher on MCX on October 9 after US President Donald Trump declared that the US will not attack Iran before the midterm elections. Meanwhile, December gold futures gained 0.96% to Rs. 1,51,052 per 10 grams, and December silver futures advanced 1.44% to Rs. 2,24,431.
Brent crude futures edged lower by 1.47% to USD 102.8 per barrel. US West Texas Intermediate (WTI) declined 1.32% to USD 90.28 per barrel.
24K gold rose by Rs. 114 to Rs. 1,50,710 per 10 grams, while 22K also advanced by Rs. 105 to Rs. 1,38,150. Citywise, Mumbai and Kolkata mirrored prices at Rs. 1,50,710, while Delhi was at Rs. 1,50,860 and Chennai at Rs. 1,50,710.
US gold prices fell over 1% on Friday, supported by a softer US dollar, easing Treasury yields and lower oil prices, as investors await the Federal Reserve's outlook on interest rates. Spot gold rose 1.1% to USD 4,177.44 per ounce. US gold futures gained 1.09% to USD 4,202.01. Spot silver rose 1.69% to USD 60.18, platinum gained 1.95% to USD 1,675.76, while palladium edged up by 2.56% to USD 1,155.60.
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On the daily chart, gold price has been trading in a triangle pattern this year. The price formed a low at USD 4,066 on October 7, 2026, and rebounded toward the USD 4,180 zone.
The price must break at least the USD 4,330 level to pave the way for a rally towards the USD 4,530 area. A break above USD 4,530 will likely confirm a breakout and push prices towards USD 5,000.
“Possible tightening later on could keep gold at risk... Looking ahead, traders will watch upcoming economic data that could provide further monetary policy clues and influence sentiment ahead of the Federal Reserve’s October meeting,” said Tony Sage, CEO of Critical Metals.
“Softer numbers or guidance could push yields to the downside and support gold,” he further added.
On the 4-hour chart, gold remains between USD 4,100 and USD 4,300, indicating consolidation. A break of either of these levels will likely define the next move. On the upside, immediate resistance emerges at the 100-day SMA near USD 4,259, followed by the 50-day SMA at USD 4,334.80. On the downside, key support is the rising trendline support, near USD 4,000.