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Gold traded higher on MCX on September 8 amid healthy spot market demand and positive global cues. October gold futures rose 0.77% to Rs. 1,53,992 per 10 grams, and September silver futures declined 0.96% to Rs. 2,41,304.
Meanwhile, Brent crude futures rose 0.59% to USD 97.57 per barrel. US West Texas Intermediate (WTI) edged higher by 1.64% to USD 92.98 per barrel.
The CME FedWatch Tool indicates markets are currently pricing in a 41.6% probability that the Fed will keep rates unchanged and a 58.4% chance of a rate hike in September.
24K gold rose by Rs. 120 to Rs. 1,55,350 per 10 grams, while 22K gold also advanced by Rs. 110 to Rs. 1,42,400. By city, Mumbai and Kolkata mirrored prices at Rs. 1,55,350, while Delhi was at Rs. 1,55,500 and Chennai at Rs. 1,55,670.
US gold prices climbed on Tuesday as the US dollar slipped, with focus on upcoming inflation data that could shape expectations for the Federal Reserve's next policy move.
Spot gold was up 0.6% at USD 4,429.89 per ounce. US gold futures for December delivery were at USD 4,475.10.
Spot silver gained 1% at USD 66.78 per ounce, platinum rose 0.4% at USD 1,834.00, and palladium firmed 1% to USD 1,402.87.
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"Gold remains locked in a battle between buyers and sellers, with neither party showing enough conviction to drive a sustained and persistent directional move," said Chris Weston, head of research at Pepperstone Group.
"We don’t see gold falling back too much if and when the central bank does raise rates. More important than the rate move is the notion that markets are somewhat uneasy about what the Fed and the Treasury are signalling," Marex analyst Edward Meir said in a monthly note.
On MCX, gold has support at Rs. 1,51,750 and Rs. 1,50,500, and resistance at Rs. 1,53,850 and Rs. 1,54,700, while silver has support at Rs. 2,36,600 and Rs. 2,35,000 and resistance at Rs. 2,41,000 and Rs. 2,44,000.
