.png){kind=logo}
The Multi-Commodity Exchange of India (MCX) will be closed during its morning session, from 9 am to 5 pm, but will resume for the evening session, from 5 pm to 11:30 pm, on account of Diwali-Balipratipada.
Brent crude futures fell 0.98% to USD 91.66 per barrel. US West Texas Intermediate (WTI) declined 1.11% to USD 85.89 per barrel.
24K gold fell by Rs. 49 to Rs. 1,44,110 per 10 grams, while 22K gold also declined by Rs. 45 to Rs. 1,32,100. Citywise, Mumbai and Kolkata mirrored prices at Rs. 1,44,110, while Delhi was at Rs. 1,44,260 and Chennai at Rs. 1,44,110.
US gold prices eased on Tuesday as investors booked profits following over a 1% rally in the previous session, while awaiting US inflation data for an outlook on the Federal Reserve's policy path.
Spot gold was down 0.62% at USD 4,115.14 an ounce. US gold futures for December delivery edged up 0.22% higher to USD 4,123.50.
Spot silver declined 0.68% to USD 53.06 per ounce, platinum remained flat at USD 1,579.43, and palladium edged up by 0.03% to USD 1,040.55.
Also Read: Gold Prices Rebound After US Midterms as Fed Hike Risks Grow
"It's just a bit of churn in the market. Prices are easing back from the highs reached during the US session, which could be attributed to profit-taking," said Kyle Rodda, senior financial market analyst at Capital.com.
"If we continue to see a situation where the US does not want to escalate the conflict in the Middle East and oil prices are reversing as a result, that'd be very beneficial for gold because of its impact on the dollar, inflation and interest rate expectations," Rodda said.
XAU/USD holds below the 100-day Simple Moving Average (SMA) while remaining capped in the near-term. The Relative Strength Index (RSI) around 52 points to mild positive momentum rather than a decisive bullish breakout.
On the upside, immediate resistance is seen at the 100-day SMA around USD 4,200, with a stronger hurdle at the upper Bollinger band near USD 4,225; a daily close above this cluster would be needed to strengthen the bullish case.
On the downside, immediate support can be seen around USD 4,065, ahead of USD 3,900, where a break would expose a deeper corrective phase.