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Gold traded higher on MCX on August 4, driven by a potential US-Iran deal. October gold futures rose 0.35% to Rs. 1,43,416. September silver futures advanced 1.04% to Rs. 2,19,004. Meanwhile, Brent crude futures rose 1.42% to $84.96 per barrel. US West Texas Intermediate (WTI) edged higher by 1.01% to $81.15 per barrel.
According to the CME FedWatch Tool, traders now expect a 65% chance of a September rate hike after the US Federal Reserve maintained its interest rate at its latest meeting.
24K gold fell by Rs. 22 to Rs. 1,44,000 per 10 grams, while 22K gold also declined by Rs. 20 to Rs. 1,32,000. By city, Mumbai and Kolkata mirrored prices at Rs. 1,44,000, while Delhi was at Rs. 1,44,150, and Chennai at Rs. 1,44,000.
US gold prices rose on Tuesday as investors weighed mixed signals on potential US-Iran talks and awaited US labor market reports for clues on the Federal Reserve's interest-rate policy.
Spot gold rose 0.2% to $4,059.81 per ounce. Spot silver gained 1% to $58.74 per ounce, platinum firmed 1.2% to $1,646.59 and palladium rose 1.2% to $1,279.55.
Also Read: Why Central Bank Gold Reserves Keep Rising in 2026
"Gold is currently in a consolidation phase. If we see weakness in the job market, it could pressure the US dollar and as a result there will be gains in gold," said Ajay Kedia, director at Mumbai-based Kedia Commodities.
Internationally, gold has support at $4,064 and $4,030, while resistance is at $4,120 and $4,150 per troy ounce, and silver has support at $57 and $56.40, while resistance is at $59.50 and $60.20 per troy ounce.
On MCX, gold support is at Rs. 1,42,200 and Rs. 1,41,400, and resistance at Rs. 1,43,650 and Rs. 1,44,500, while silver has support at Rs. 2,15,000 and Rs. 2,13,300 and resistance at Rs. 2,18,800 and Rs. 2,21,000.
