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Gold traded higher on MCX on October 27 as traders anticipate that the United States Federal Reserve will likely keep interest rates unchanged at its FOMC meeting. Meanwhile, December gold futures rose 0.15% to Rs. 1,43,288 per 10 grams, and December silver futures declined 0.35% to Rs. 1,95,100. Brent crude futures fell 0.87% to USD 114.8 per barrel. US West Texas Intermediate (WTI) advanced 0.87% to USD 100.9 per barrel.
24K gold rose by Rs. 54 to Rs. 1,43,290 per 10 grams, while 22K gold also advanced by Rs. 50 to Rs. 1,31,350. Citywise, Mumbai and Kolkata mirrored prices at Rs. 1,43,290, while Delhi was at Rs. 1,43,440 and Chennai at Rs. 1,43,290.
US gold prices fell on a firmer US dollar, while investors looked ahead to the Federal Reserve’s policy meeting for directions on the interest-rate outlook.
Spot gold rose 0.03% to USD 4,018.33 an ounce. US gold futures for December delivery traded 0.18% lower at USD 4,031.18 per ounce.
Spot silver fell 0.78% to USD 53.58 per ounce, and palladium dipped 0.60% to USD 1,039.60. Spot platinum fell 0.55% to USD 1,522.41 per ounce.
“We’re seeing gold basically digest within Friday’s range (after) the big drop last week,” said Ilya Spivak, head of global macro at Tastylive.
“If we can get a breakthrough of USD 3,900, we’re in for a pretty significant further decline, maybe to test the USD 3,800 area.”
XAU/USD trades at USD 4,018, keeping a bearish near-term tone as spot remains below the 9-day exponential moving average (EMA) around USD 4,066. The Relative Strength Index (14) at 35 hovers just above oversold territory, indicating continued downward pressure.
On the upside, immediate resistance is defined by the 9-day EMA near USD 4,066, which caps any rebound attempts. On the downside, the June low of USD 3,941.76 is the key support level. A decisive break below USD 3,941.76 could lead to a fresh correction.
