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Gold traded higher on MCX on October 26 amid elevated oil prices and global uncertainty. Meanwhile, December gold futures rose 0.39% to Rs. 1,42,580 per 10 grams, and December silver futures advanced 0.19% to Rs. 1,96,093. Brent crude futures fell 1.89% to USD 114.5 per barrel. US West Texas Intermediate (WTI) advanced 2.20% to USD 101 per barrel.
24K gold rose by Rs. 17 to Rs. 1,42,750 per 10 grams, while 22K gold also advanced by Rs. 15 to Rs. 1,30,850. Citywise, Mumbai and Kolkata mirrored prices at Rs. 1,42,750, while Delhi was at Rs. 1,42,900 and Chennai at Rs. 1,42,750.
US gold prices rose as oil prices fell and US President Donald Trump stated, “There will be no strikes today” on Sunday. Spot gold rose 0.47% to USD 4,014.55 an ounce. US gold futures for December delivery traded 0.50% higher at USD 4,027.82 per ounce.
Spot silver rose 0.55% to USD 52.20 per ounce, and palladium gained 0.59% to USD 1,052.85. Spot platinum fell 0.11% to USD 1,551.48 per ounce.
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“Heightened inflation concerns suggest that major central banks of the world won't be able to ease monetary policies as quickly as they want to. All that's working against the gold and silver market bulls at present,” said Jim Wyckoff, a market analyst at American Gold Exchange.
The selloff in technology stocks has also led to margin calls for equity traders and investors, prompting them to sell gold and silver assets, Wyckoff explained.
XAU/USD trades at USD 4,014, maintaining a bearish near-term bias as it holds below the 20-day Exponential Moving Average (EMA) around USD 4,136. The Relative Strength Index (RSI) at 35 stays near the lower end of its range, hinting at continued downside pressure without signaling extreme oversold conditions.
On the upside, immediate resistance is defined by the 20-day EMA near USD 4,136, which would need to be reclaimed to ease the current bearish tone. On the downside, the late June low around USD 3,942 is the key support level.
