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Gold traded lower on MCX on November 4 as buyers prepare for upcoming Dhanteras and Diwali. Meanwhile, December gold futures fell 0.06% to Rs. 1,39,365 per 10 grams, and December silver futures declined 0.9% to Rs. 1,78,078. Brent crude futures fell 0.39% to USD 103.2 per barrel. US West Texas Intermediate (WTI) declined 0.48% to USD 95.63 per barrel.
24K gold rose by Rs. 27 to Rs. 1,39,910 per 10 grams, while 22K gold also advanced by Rs. 25 to Rs. 1,28,250. Citywise, Mumbai and Kolkata mirrored prices at Rs. 1,39,910, while Delhi was at Rs. 1,40,060 and Chennai at Rs. 1,39,910.
US gold prices traded higher supported by a softer US dollar ahead of the outcome of the US midterm elections, while investors awaited the non-farm payrolls data later this week. Spot gold rose 0.41% to USD 3,946.47 per ounce.
US gold futures for December delivery gained 0.46% to USD 3,958.65. Spot silver slipped 0.81% to USD 49.38 per ounce, platinum dropped 1.12% to USD 1,402.16 and palladium fell 0.12% to USD 935.61.
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XAU/USD trades around USD 3,946 with a bearish near-term bias as spot remains below the 20-day exponential moving average (EMA) near USD 4,051. The Relative Strength Index (RSI) at 36 keeps pressure to the downside without being extremely oversold.
On the upside, immediate resistance is seen around the 20-day EMA at USD 4,051. Gold would need to overcome this level to ease immediate selling pressure. On the downside, the one-year low at USD 3,870.23 is the key support level.
“A weaker USD and a punchy decline in both nominal and real US Treasury yields are clearly providing support for gold,” said Chris Weston, head of research at Pepperstone.
“The demand for protection against a potentially more unpredictable and confrontational Trump administration looks to be providing a compelling backdrop for gold buyers," he further added.