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Gold traded higher on MCX on August 6 amid news that the Strait of Hormuz could reopen soon, as US President Donald Trump pledged to ink an agreement with Iran. August gold futures rose 0.61% to Rs. 1,49,401. September silver futures advanced 0.23% to Rs. 2,28,115. Meanwhile, Brent crude futures declined 0.11% to $79.32 per barrel. US West Texas Intermediate (WTI) edged lower by 0.20% to $75.07 per barrel.
24K gold rose by Rs. 398 to Rs. 1,49,730 per 10 grams, while 22K gold also advanced by Rs. 365 to Rs. 1,37,250. By city, Mumbai and Kolkata mirrored prices at Rs. 1,49,730, while Delhi was at Rs. 1,49,860, and Chennai at Rs. 1,47,060.
US gold prices rose for a fourth session on Thursday and touched their highest level in seven weeks, supported by a soft US dollar and lower Treasury yields, amid hopes of the Strait of Hormuz reopening.
Spot gold was up 0.5% at $4,265.22 per ounce. US gold futures rose 0.5% to $4,324.60.
Spot silver fell 0.1% to $62.02, platinum was up 1.2% to $1,755.18 and Palladium climbed 0.8% to $1,374.33, up for a third consecutive session.
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"The sharp rally came on building optimism that a diplomatic breakthrough in the Middle East is close to being finalised. This in turn would keep downside pressure on oil prices and reduce the need for central banks to raise rates, providing a clear tailwind for gold," IG market analyst Tony Sycamore said.
A sustained break above the 200-day moving average could pave the way for a stronger recovery toward the $5,000 mark, he added.
Today, MCX gold price today is in a broader range of Rs. 1,45,000 to Rs. 1,52,000 per 10 grams, while the smaller range is Rs. 1,47,000 to Rs. 1,50,000. Meaning MCX gold is facing resistance at Rs. 1,50,000 and can reach Rs. 1,52,000 if it breaks and sustains above Rs. 1,50,000.
Internationally, the COMEX gold price today has an immediate resistance at $4,320 per ounce. If it breaks above this resistance, the precious metal may target $4,350 per ounce soon.
