Gold traded higher on MCX on November 9 as oil prices traded below USD 100. Meanwhile, December gold futures rose 0.92% to Rs. 1,43,861 per 10 grams, and December silver futures advanced 1.81% to Rs. 1,88,455. Brent crude futures fell 0.02% to USD 98.30 per barrel. US West Texas Intermediate (WTI) advanced 0.54% to USD 91.32 per barrel.
24K gold rose by Rs. 103 to Rs. 1,44,600 per 10 grams, while 22K gold also advanced by Rs. 95 to Rs. 1,32,550. Citywise, Mumbai and Kolkata mirrored prices at Rs. 1,44,600 while Delhi was at Rs. 1,44,750 and Chennai at Rs. 1,43,560.
US gold prices rose over 1% on Monday as softer oil prices eased inflation concerns, while investors awaited key US inflation data from the Federal Reserve on its policy outlook.
Spot gold climbed 1.25% to USD 4,121.30 per ounce, while US gold futures for December delivery rose 1.35% to USD 4,130.05.
Spot silver advanced 2.29% to USD 53.14 per ounce, platinum gained 1.13% to USD 1,556.11, and palladium edged up by 2.25% to USD 1,046.95.
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"Trump's more conciliatory tone toward Iran is helping keep a lid on oil prices, which in turn eases some of the inflation pressure that had been weighing on the metal along with a modest pullback in the dollar," said Tim Waterer, chief market analyst at KCM Trade.
"Any hot readings would likely firm the dollar and lift the odds of a December rate hike, which would quickly put gold back on the defensive," Waterer said.
XAU/USD trades at USD 4,121 as spot holds below the medium- and long-term moving averages. The 50-day simple moving average (SMA) around USD 4,191 and the 100-day SMA near USD 4,201 both sit overhead, indicating rallies remain vulnerable while the broader trend stays under the 200-day SMA around USD 4,458.
On the upside, immediate resistance sits at the 50-day SMA near USD 4,191, followed by the 100-day SMA near USD 4,201. On the downside, the USD 4,069 level represents immediate support, and a daily close below this level would likely open the way for a deeper pullback.