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Gold traded higher on MCX on August 26 amid a fall in crude oil prices and a decline in the US dollar ahead of the US Personal Consumption Expenditures (PCE) price index data. October gold futures rose 0.16% to Rs. 1,63,146 per 10 grams, and September silver futures advanced 0.45% to Rs. 2,45,231.
Meanwhile, Brent crude futures fell 2.64% to USD 86.24 per barrel. US West Texas Intermediate (WTI) edged lower by 2.54% to USD 80.27 per barrel.
The CME FedWatch Tool indicates markets are currently pricing in a 61.6% probability that the Fed will keep rates unchanged and a 38.4% chance of a rate hike in September.
24K gold fell by Rs. 10 to Rs. 1,63,740 per 10 grams, while 22K gold also declined by Rs. 10 to Rs. 1,50,090. By city, Mumbai and Kolkata mirrored prices at Rs. 1,63,740, while Delhi was at Rs. 1,63,890 and Chennai at Rs. 1,63,740.
US gold prices held steady on Wednesday after rising to more than three-month high in the previous session, as investors awaited a key US inflation report to asses the Federal Reserve's interest-rate path.
Spot gold was little changed at USD 4,652.39 per ounce. US gold futures were up 0.3% at USD 4,709.20.
Spot silver gained 0.7% to USD 69.09, platinum rose 0.6% to USD 1,869.22 and palladium firmed 1.4% to USD 1,345.30.
Also Read: Why Gold Prices Rise During Economic Uncertainty: Key Factors Investors Should Know
"For gold, the most supportive outcome would be softer-than-expected inflation combined with a dovish or balanced message from Warsh, reinforcing expectations for lower real yields and reducing the opportunity cost of holding a non-yielding asset," said Wael Makarem, financial markets strategists lead at Exness.
"A renewed deterioration in confidence around US fiscal sustainability could also be important (for gold), particularly given the recent Treasury buyback plans and their impact."
Internationally, gold has support at USD 4,665 and USD 4,610, while resistance is at USD 4,740 and USD 4,770 per troy ounce, and silver has support at USD 67.70 and USD 66.60, while resistance is at USD 69.80 and USD 71 per troy ounce in today’s session.
On MCX, gold has support at Rs. 1,62,200 and Rs. 1,61,000, and resistance at Rs. 1,63,650 and Rs. 1,64,400, while silver has support at Rs. 2,41,400 and Rs. 2,39,100, and resistance at Rs. 2,47,000 and Rs. 2,50,000.
