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Gold traded higher on MCX on October 1 amid reports of fresh tensions emerging between the US and Iran, despite the two sides holding their first known indirect talks last week. October gold futures rose 0.67% to Rs. 1,47,090 per 10 grams, while September silver futures advanced 0.98% to Rs. 2,25,891.
Meanwhile, Brent crude futures fell 1.22% to USD 96.83 per barrel. US West Texas Intermediate (WTI) edged down by 1.40% to USD 89.15 per barrel.
24K gold rose by Rs. 33 to Rs. 1,49,240 per 10 grams, while 22K also advanced by Rs. 30 to Rs. 1,36,800. By city, Mumbai and Kolkata mirrored prices at Rs. 1,49,240, while Delhi was at Rs. 1,49,390 and Chennai at Rs. 1,49,240.
US gold prices as markets awaited key US jobs data to gauge the Federal Reserve's next policy move. Spot gold rose 0.38% to USD 4,172.20 per ounce. US gold futures rose 0.36% to USD 4,201.76.
Spot silver rose 1.09% to USD 61.09 per ounce, platinum was up 0.18% at USD 1,720.52 and palladium gained 0.28% to USD 1,210.33.
Also Read: India Gold Imports Could Hit USD 90B as Kotak Warns on CAD Risk
"The PCE data gave gold some lift, but that move faded due to the relentless rise in yields. Incoming data is going to be important to watch to see how the market deals with it and shapes rate hike expectations," said Ilya Spivak, head of global macro at Tastylive.
"We are in a situation where the market is dealing with a lot of conflicting forces.”
On the daily chart, XAU/USD trades at USD 4,172, remaining below all the major moving averages and keeping a bearish near-term bias. Gold is capped by a dense cluster of resistance formed by the 100-day simple moving average (SMA) at USD 4,282.90 and the descending trend-line barrier at USD 4,305.45, with the 21-day SMA at USD 4,308.54 and the 50-day SMA at USD 4,324.57 reinforcing the overhead supply.
The Relative Strength Index (14) around 40 suggests fading upside momentum after the recent pullback from record highs. On the downside, the support aligns with the rising trend-line base near USD 3,999, where buyers could attempt to defend the broader uptrend.
