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Gold traded higher on MCX on August 24, supported by a stable dollar amid a decline in crude oil prices. August gold futures rose 0.52% to Rs. 1,63,230, and September silver futures declined 0.55% to Rs. 2,45,230.
Meanwhile, Brent crude futures fell 1.45% to USD 93.02 per barrel. US West Texas Intermediate (WTI) edged lower by 1.68% to USD 85.60 per barrel.
The CME FedWatch Tool indicates markets are currently pricing in a 61.1% probability that the Fed will keep rates unchanged and a 38.9% chance of a rate hike in September.
24K gold rose by Rs. 88 to Rs. 1,63,970 per 10 grams, while 22K gold also advanced by Rs. 80 to Rs. 1,50,300. By city, Mumbai and Kolkata mirrored prices at Rs. 1,63,970, while Delhi was at Rs. 1,64,120, and Chennai at Rs. 1,63,970.
US gold prices rose as focus shifts toward the US inflation prints this week and a speech by US Federal Reserve Chair Kevin Warsh.
Spot gold was up 0.76% at USD 4,639.13 per ounce. US gold futures rose 0.33% to USD 4,696.10.
Spot silver was down 0.89% to USD 68.91 per ounce, platinum climbed 0.19% to USD 1,894.90, while palladium gained 0.02% to USD 1,353.50.
Also Read: Why Gold Could Stay a Key Part of Diversified Portfolios in 2026
“Gold is looking sprightly to start the week and has stepped back into bid mode and is taking its cues primarily from the softer dollar and focusing more on what higher yields may be signaling about underlying economic strains and policy uncertainty,” said Tim Waterer, chief market analyst at KCM Trade.
"Traders will be listening closely for any shift in tone on the policy path and how it sits with recent bond-market developments. A balanced or cautious tone that leaves room for flexibility would likely keep the door open for gold to extend its gains," Waterer added.
On MCX, gold has support at Rs. 1,61,100 and Rs. 1,59,800, and resistance at Rs. 1,63,600 and Rs. 1,64,850, while silver has support at Rs. 2,44,000 and Rs. 2,41,200, and resistance at Rs. 2,49,100 and Rs. 2,52,500.
