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Gold traded higher on MCX on November 11 as oil prices traded below USD 100. Meanwhile, December gold futures rose 0.49% to Rs. 1,41,212 per 10 grams, and December silver futures advanced 1,64% to Rs. 1,85,576. Brent crude futures rose 1.06% to USD 92.46 per barrel. US West Texas Intermediate (WTI) advanced 0.71% to USD 86.65 per barrel.
24K gold fell by Rs. 71 to Rs. 1,41,980 per 10 grams, while 22K gold also declined by Rs. 65 to Rs. 1,30,150. Citywise, Mumbai and Kolkata mirrored prices at Rs. 1,41,980, while Delhi was at Rs. 1,42,130 and Chennai at Rs. 1,41,980.
US gold prices edged higher on Wednesday after around 3% fall in the previous session. The rebound remains limited as stronger US inflation data reinforces expectations of a Federal Reserve rate increase next month, raising pressure on non-yielding assets.
Spot gold was up 0.28% at USD 4,044.17 an ounce. US gold futures for December delivery edged up 0.53% higher to USD 4,051.55.
Spot silver advanced 1.64% to USD 52.38 per ounce, platinum gained 1.70% at USD 1,567.08, and palladium edged up by 1.76% to USD 1,044.67.
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"We're seeing a technical retracement against Tuesday's heavy losses, as bears book profits and wait for the next catalyst. Hot CPI and hawkish Fed comments have revived tightening expectations," said Matt Simpson, a senior market analyst at StoneX.
"If we see positive developments in the Middle East that would be supportive for gold from an inflation standpoint. But overall, the near-term macro setup for gold does not seem positive," said Soni Kumari, an analyst at ANZ.
XAU/USD showed some resilience below the 200-hour Simple Moving Average (SMA) around USD 4,024, suggesting underlying support. However, spot remains capped under the 23.6% Fibonacci retracement at USD 4,080, leaving the near-term bias broadly neutral.
Meanwhile, the Relative Strength Index is around 41, indicating only downside fatigue, and the Moving Average Convergence Divergence (MACD) is recovering into positive territory.
Any further move up could face resistance near the 23.6% Fibo. at USD 4,080, above which the Gold price could climb to the USD 4,145-USD 4,150 area, where stronger supply could be expected. On the downside, immediate support is at the 50.0% retracement at USD 4,008.