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Gold traded higher on MCX on November 5 following recent US midterm elections. Meanwhile, December gold futures rose 1.52% to Rs. 1,45,415 per 10 grams, and December silver futures advanced 1.4% to Rs. 1,90,365. Brent crude futures fell 0.93% to USD 93.74 per barrel. US West Texas Intermediate (WTI) declined 1.40% to USD 86.89 per barrel.
24K gold rose by Rs. 322 to Rs. 1,46,020 per 10 grams, while 22K gold also advanced by Rs. 295 to Rs. 1,33,850. Citywise, Mumbai and Kolkata mirrored prices at Rs. 1,46,020, while Delhi was at Rs. 1,46,170 and Chennai at Rs. 1,46,020.
US gold prices rose around 2% to a two-week high, supported by an easing US dollar and lower US Treasury yields amid a Democratic midterm election wave. Spot gold rose 1.46% to USD 4,139.61 per ounce.
US gold futures for December delivery gained 1.81% to USD 4,146.71. Spot silver gained 1.80% to USD 53.18 per ounce, platinum rose 2.13% to USD 1,531.60, and palladium advanced 2.33% to USD 1,031.10.
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XAU/USD trades at USD 4,139, pushing above its 20-day Exponential Moving Average (EMA) around USD 4,070, shifting the near-term bias to the upside. The Relative Strength Index (RSI) is near 53, edging into positive territory, which suggests a revival of buying pressure after the recent pullback.
On the downside, immediate support is seen at the 20-day EMA around USD 4,070, where a decisive break would undermine the bullish tone and open the door for a deeper retracement. While there are no clear overhead technical hurdles, the bias remains constructive as long as XAU/USD holds above the 20-day EMA.
“A weaker dollar and lower Treasury yields have helped gold recover above the key USD 4,000 level, though holding above that threshold remains crucial for the recovery outlook,” said Linh Tran, market analyst at XS.com.
“If investment flows and yield movements continue to provide support, gold could stabilise above USD 4,000, also opening up an opportunity for a recovery toward USD 4,200, followed by USD 4,400,” Tran further added.