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Gold traded higher on MCX on August 7 as investors awaited the closely watched US non-farm payrolls report for fresh signals on the Federal Reserve's interest rate path. August gold futures rose 0.5% to Rs. 1,49,608. September silver futures advanced 1.09% to Rs. 2,28,300. Meanwhile, Brent crude futures rose 1.83% to $84 per barrel. US West Texas Intermediate (WTI) edged higher by 1.67% to $78.58 per barrel.
24K gold rose by Rs. 16 to Rs. 1,49,890 per 10 grams, while 22K gold also advanced by Rs. 15 to Rs. 1,37,400. By city, Mumbai and Kolkata mirrored prices at Rs. 1,49,890, while Delhi was at Rs. 1,50,040, and Chennai at Rs. 1,50,000.
US gold prices firmed on Friday and were on track for their biggest weekly gain since January, helped by weaker oil prices, while investors awaited key US nonfarm payrolls data for clues on the interest rate outlook.
Spot gold was up 0.6% at $4,262.39 per ounce. Prices were up over 5% for the week. U.S. gold futures gained 0.5% to $4,321.50.
Spot silver added 1.3% to $62.27, platinum rose 0.5% to $1,737.25, while palladium dropped 0.2% to $1,368.37.
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"Regardless of how NFP plays out, $4,000 has proven to be a solid support level - and I suspect bulls are waiting for dips to take advantage of a much-needed correction higher towards $4,600. NFP may provide some noise over the near term, but price action has spoken, and gold looks like it wants to rally," Simpson added.
XAU/USD trades at $4,260.68 on the daily chart. The pair holds above the 21-day simple moving average (SMA) at $4,083.25 and the 50-day SMA at $4,151.23, keeping the near-term bias bullish.
On the upside, immediate resistance emerges at the 100-day SMA at $4,389.72, ahead of a more substantial barrier at the 200-day SMA around $4,494.54. On the downside, immediate support is seen at the 50-day SMA near $4,151.23, followed by $4,083.25.
