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Gold traded lower on MCX on November 12 ahead of October retail inflation data scheduled for later today. Meanwhile, December gold futures fell 0.4% to Rs. 1,39,160 per 10 grams, and December silver futures declined 0.77% to Rs. 1,83,113. Brent crude futures fell 1.09% to USD 91.75 per barrel. US West Texas Intermediate (WTI) dipped 0.96% to USD 85.70 per barrel.
24K gold fell by Rs. 218 to Rs. 1,39,800 per 10 grams, while 22K gold also declined by Rs. 200 to Rs. 1,28,150. Citywise, Mumbai and Kolkata mirrored prices at Rs. 1,39,800, while Delhi was at Rs. 1,39,950 and Chennai at Rs. 1,39,800.
US gold prices fell on Thursday, touching a low in more than a week, after stronger-than-expected US inflation data and hawkish remarks from Federal Reserve officials boosted the dollar and cemented expectations of an interest-rate hike next month.
Spot gold fell 0.22% to USD 3,978.93 per ounce after touching its lowest level since November 4. US gold futures for December delivery edged down 0.42% higher to USD 3,983.92. Spot silver declined 0.37% to USD 51.48 per ounce, platinum dipped 0.11% at USD 1,536.49, and palladium edged up by 0.38% to USD 1,036.55.
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“The (gold) market has had a meaningful pullback over the past several days in the wake of that US inflation data and the rise in rate hike expectations around that, but I think the markets are pointedly struggling for a follow-through,” said Ilya Spivak, head of global macro at Tastylive.
“We're kind of sitting on a critical level here, basically just around the USD 4,000 mark,” he added.
XAU/USD trades at USD 3,978, keeping a bearish near-term bias as price holds below the 20-, 50-, 100-, and 200-day simple moving averages (SMA). The Relative Strength Index (14) near 43 remains below the midline yet above oversold territory, suggesting selling pressure dominates but lacks strong momentum for an uptrend.
On the upside, immediate resistance appears at the 20-day SMA around USD 4,049, followed by the 23.6% Fibonacci retracement close to USD 4,065, with a more notable barrier near the 50-day SMA around USD 4,168. On the downside, immediate support is the current trading zone, with a stronger structural floor set by the Fibonacci cycle low at USD 3,868.92.