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Gold traded slightly higher on MCX on October 15 following hotter-than-expected US consumer price index data. Meanwhile, December gold futures gained 1.05% to Rs. 1,47,374 per 10 grams, and December silver futures advanced 0.22% to Rs. 2,08,802. Brent crude futures fell 1.68% to USD 104.3 per barrel. US West Texas Intermediate (WTI) declined 1.13% to USD 94.02 per barrel.
24K gold fell by Rs. 82 to Rs. 1,47,440 per 10 grams, while 22K also declined by Rs. 75 to Rs. 1,35,150. Citywise, Mumbai and Kolkata mirrored prices at Rs. 1,47,440, while Delhi was at Rs. 1,47,590 and Chennai at Rs. 1,47,440.
US gold prices rose more than 1% on Thursday, rebounding from a one-week low hit in the previous session as the US dollar eased.
Spot gold was up 0.91% to USD 4,145.12 per ounce. US gold futures for December delivery rose 1.46% to USD 4,166.05. Spot silver gained 0.60% to USD 59.97, platinum added 0.28% to USD 1,607.12, and palladium gained 1.22% to USD 1,109.84.
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“What we're seeing here is just the symptoms of a market uncertain about US interest rate policy, and that is resulting in a bit of volatility,” said Kyle Rodda, a senior financial market analyst at Capital.com.
"We're coming up to a really critical level for gold, which is just below the USD 4,000 level. If we see, again, some really strong data, then there's a view that the Fed will have to hike relatively urgently, then that will be the level of focus,” he further added.
XAU/USD trades at USD 4,145 with bearish near-term tone as the spot holds below all major simple moving averages (SMAs). The 21-day SMA at USD 4,208, the 100-day SMA near USD 4,246 and the 50-day SMA around USD 4,334 align overhead as a resistance band, while the 200-day SMA at USD 4,523.59 reinforces the broader topside cap.
On the downside, immediate structural support is seen near the broken upward trendline around USD 4,002. On the upside, bulls would need to reclaim the 21-day SMA at USD 4,208 before any chance of a near-term reversal.
