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Gold traded lower on MCX on September 11 amid elevated oil prices. October gold futures fell 0.7% to Rs. 1,51,272 per 10 grams, while September silver futures declined 0.94% to Rs. 2,31,900.
Meanwhile, Brent crude futures rose 0.46% to USD 108 per barrel. US West Texas Intermediate (WTI) edged higher by 0.02% to USD 102.5 per barrel.
The CME FedWatch Tool indicates that markets are currently pricing in a 27.6% probability that the Fed will keep rates unchanged and a 72.4% chance of a rate hike in September.
24K gold fell by Rs. 262 to Rs. 1,52,890 per 10 grams, while 22K gold also advanced by Rs. 240 to Rs. 1,40,150. By city, Mumbai and Kolkata mirrored prices at Rs. 1,52,890, while Delhi was at Rs. 1,53,040 and Chennai at Rs. 1,52,890.
US gold prices edged higher on Friday as expectations of a US rate hike strengthened, while traders awaited US consumer price index data for further clues on the Federal Reserve's policy path.
Spot gold was up 0.2% at USD 4,324.79 per ounce. US gold futures for December delivery were down 1% at USD 4,364.70. Spot silver fell 0.3% to USD 63.39. Platinum eased 0.2% at USD 1,773.93 while palladium lost 0.3% to USD 1,278.51.
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“A stronger-than-expected reading would reinforce the case for several interest rate increases, potentially pushing Treasury yields and the dollar higher and placing additional pressure on gold," said Wael Makarem, financial markets strategists lead, Exness.
"Ongoing Middle East tensions could continue to weigh on gold through higher inflation expectations.”
Gold has support at USD 4,350-USD 4,310 per troy ounce, while resistance is placed at USD 4,420-USD 4,460 per troy ounce. For silver, support is seen at USD 62.80-USD 60.60 per troy ounce, while resistance is at USD 66.40-USD 68.00 per troy ounce.
On the MCX, gold has support at Rs 1,51,100-Rs. 1,50,150, while resistance is at Rs. 1,53,300-Rs. 1,54,400. For MCX silver, support is placed at Rs. 2,30,000-Rs. 2,26,600, while resistance is at Rs. 2,36,800-Rs.2,40,000.
