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Gold traded lower on MCX on September 29 as tensions between the US and Iran over the Strait of Hormuz continued to keep energy costs elevated and maintain pressure on the Federal Reserve to increase interest rates. October gold futures fell 0.27% to Rs. 1,48,500 per 10 grams, while September silver futures declined 0.46% to Rs. 2,46,130.
Meanwhile, Brent crude futures rose 1.80% to USD 107.2 per barrel. US West Texas Intermediate (WTI) edged higher by 1.75% to USD 94.22 per barrel.
24K gold fell by Rs. 137 to Rs. 1,48,800 per 10 grams, while 22K also declined by Rs. 125 to Rs. 1,36,400. By city, Mumbai and Kolkata mirrored prices at Rs. 1,48,800, while Delhi was at Rs. 1,48,950 and Chennai at Rs. 1,49,080.
US gold prices rose on Tuesday but hovered close to a more than seven-week low on concerns that the Federal Reserve may keep interest rates higher for longer.
Spot gold rose 0.4% to USD 4,130.58 per ounce. US gold futures fell 0.2% to USD 4,162.20. Spot silver fell 0.9% to USD 60.42, platinum slipped 1.3% to USD 1,697.71 and palladium lost 0.8% to USD 1,205.27.
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Geopolitical developments will "remain crucial for gold, as continued tensions could keep energy prices and yields elevated, while meaningful progress towards de-escalation could ease pressure," said Christopher Tahir, senior market strategist at Exness.
"Persistent price pressures combined with resilient activity would reinforce expectations that central banks need to remain restrictive, keeping yields elevated and leaving gold vulnerable to further losses," Tahir added.
On the daily chart, XAU/USD trades at USD 4,130, holding below the 20-day, 50-day and 100-day simple moving averages (SMAs) clustered between roughly USD 4,290 and USD 4,330, which keeps the near-term bias bearish.
The Relative Strength Index (14) near 36 suggests weak momentum but not outright oversold conditions, hinting that bears retain control.
On the downside, immediate support is seen at the rising trend-line base near USD 3,990, where dip-buying interest could emerge if the current pullback extends. On the upside, the first resistance band is defined by the 100-day SMA at USD 4,292, followed closely by the 50-day SMA at USD 4,321 and the 20-day SMA at USD 4,325, forming a dense supply zone that gold would need to reclaim to ease bearish pressure.
