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Gold traded higher on MCX on August 5 amid a decline in the US dollar and crude oil prices, while investors' focus remains on the RBI MPC policy decision today. August gold futures rose 0.85% to Rs. 1,45,475. September silver futures advanced 1.14% to Rs. 2,24,150. Meanwhile, Brent crude futures declined 1.18% to $78.42 per barrel. US West Texas Intermediate (WTI) edged lower by 1.57% to $74.58 per barrel.
24K gold rose by Rs. 175 to Rs. 1,45,750 per 10 grams, while 22K gold also advanced by Rs. 160 to Rs. 1,33,600. By city, Mumbai and Kolkata mirrored prices at Rs. 1,45,750, while Delhi was at Rs. 1,45,900, and Chennai at Rs. 1,45,750.
US gold prices rose for a third straight session on Wednesday, helped by a softer dollar and lower oil prices, while investors awaited US jobs data for clues on the interest-rate outlook.
Spot gold was up 1.3% at $4,127.04 per ounce. US gold futures rose 0.8% to $4,184.40.
Spot silver gained 1.9% to $60.64 per ounce and platinum climbed 1.4% to $1,758.35. Palladium rose 0.9% to $1,365.62.
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"Gold's relation with oil is still intact as oil prices have a tremendous impact on the global economy in terms of inflationary pressure. If we get a very clear roadmap to further de-escalation in tensions, gold prices could move higher," said Kelvin Wong, a senior market analyst at OANDA
Internationally, gold has support at $4,120 and $4,089, and resistance is at $4,184 and $4,222 per troy ounce, while silver has support at $59.10 and $58.40, and resistance is at $61.60 and $62.80 per troy ounce.
On MCX, gold has support at Rs. 1,43,350 and Rs. 1,42,600 and resistance at Rs. 1,45,000 and Rs. 1,45,550, while silver has support at Rs. 2,20,000 and Rs. 2,17,700 and resistance at Rs. 2,23,000 and Rs. 2,25,500.
