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Gold traded higher on MCX on September 3 amid easing US dollar and bond yields. October gold futures rose 1.01% to Rs. 1,53,940 per 10 grams, and September silver futures advanced 1.23% to Rs. 2,32,763.
Meanwhile, Brent crude futures fell 0.23% to USD 95.41 per barrel. US West Texas Intermediate (WTI) edged lower by 0.04% to USD 90.97 per barrel.
The CME FedWatch Tool indicates markets are currently pricing in a 27.7% probability that the Fed will keep rates unchanged and a 62.3% chance of a rate hike in September.
24K gold rose by Rs. 333 to Rs. 1,55,350 per 10 grams, while 22K gold also advanced by Rs. 305 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. 1,55,350.
US gold prices firmed on Thursday as the US dollar and Treasury yields eased, while investors awaited the US nonfarm payrolls data that could help shape expectations for the Federal Reserve's next policy move.
Spot gold rose 1.12% to USD 4,437.20 per ounce. US gold futures gained 1.52% to USD 4,481.55. Spot silver rose 0.6% to USD 65.74, platinum climbed 0.6% to USD 1,770.88 and palladium firmed 0.6% to USD 1,354.00.
Also Read: Gold vs Bitcoin: Why Investors are Turning to Scarcity Assets
"The payroll report will probably be the biggest defining moment of the week. If the jobs report misses expectations, and September rate hike bets decline, that could see gold move higher," said Ilya Spivak, head of global macro at Tastylive.
"If prices get over the USD 4,400 level they're currently in, we are going back in the direction of USD 4,500 and then USD 4,700.”
On the daily chart, XAU/USD trades at USD 4,437. The metal holds a bullish near-term bias as it remains above the 50-day and 100-day simple moving averages (SMAs) at USD 4,231.78 and USD 4,357.75, respectively, indicating a constructive underlying trend.
On the topside, immediate resistance is aligned at the 21-day SMA near USD 4,448.99, followed by a more significant barrier at the 200-day SMA around USD 4,533.04. On the downside, immediate support is found around USD 4,431.70, followed by 100-day SMA at USD 4,357.75.
