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Gold traded lower on MCX on August 18 given profit-booking amid rising oil prices, which stoked fears of rate hikes by the US Federal Reserve and other major central banks globally. August gold futures fell 0.54% to Rs. 1,55,093, and September silver futures declined 1.06% to Rs. 2,35,531.
Meanwhile, Brent crude futures rose 0.73% to $91.53 per barrel. US West Texas Intermediate (WTI) edged higher by 0.89% to $85.25 per barrel.
24K gold rose by Rs. 23 to Rs. 1,55,890 per 10 grams, while 22K gold also advanced by Rs. 20 to Rs. 1,42,900. By city, Mumbai and Kolkata mirrored prices at Rs. 1,55,890, while Delhi was at Rs. 1,56,040, and Chennai at Rs. 1,55,890.
US gold prices rose as fears of a US interest rate hike next month eased, with investors awaiting minutes from the Federal Reserve's latest meeting for fresh clues on the monetary policy path.
Spot gold was up 0.2% at $4,424.28 per ounce. US gold futures for December delivery edged 0.2% higher to $4,480.90.
Spot silver rose 0.9% to $66.40 per ounce. Platinum inched 0.2% higher to $1,772.75, while palladium was down 0.3% at $1,330.05.
Also Read: How Gold Can Strengthen Your Long-Term Financial Plan in 2026
Gold is extending its gains "after last week's soft US economic data, which has raised hopes that the Fed will keep rates on hold this year," IG market analyst Tony Sycamore said.
"Additionally, gold appears to be regaining its safe-haven status as hawkish rhetoric from Iran helped gold brush off higher yields," Sycamore said.
Internationally, gold has support at $4,440 and $4,400, while resistance is at $4,500 and $4,555 per troy ounce, and silver has support at $65 and $63.60, while resistance is at $67 and $68.80 per troy ounce.
On MCX, gold has support at Rs. 1,55,000 and Rs. 1,54,100, and resistance is at Rs. 1,56,800 and Rs. 1,57,700, while silver has support at Rs. 2,36,000 and Rs. 2,33,300 and resistance is at Rs. 2,40,000 and Rs. 2,42,400.
