Gold traded slightly lower on MCX on October 14 ahead of US consumer price index data later in the day. Meanwhile, December gold futures dipped 0.08% to Rs. 1,48,335 per 10 grams, and December silver futures declined 0.17% to Rs. 2,18,851. Brent crude futures rose 0.50% to USD 106.2 per barrel. US West Texas Intermediate (WTI) advanced 0.53% to USD 94.63 per barrel.
Domestic Gold Prices
24K gold fell by Rs. 103 to Rs. 1,48,260 per 10 grams, while 22K also declined by Rs. 95 to Rs. 1,35,900. Citywise, Mumbai and Kolkata mirrored prices at Rs. 1,48,260, while Delhi was at Rs. 1,48,410 and Chennai at Rs. 1,48,260.
US Gold Prices
US gold prices were little changed on Wednesday as investors braced for US consumer price index data due later in the day to gauge the Federal Reserve's latest monetary policy stance. Spot gold held steady at USD 4,159.45 per ounce. US gold futures for December delivery edged 0.1% higher to USD 4,182.60.
Spot gold was up 0.12% to USD 4,166.73 per ounce. US gold futures for December delivery rose 0.30% to USD 4,189.95. Spot silver gained 0.30% to USD 59.34, platinum added 0.08% to USD 1,667.35, and palladium gained 0.79% to USD 1,136.30.
Also Read: MCX Gold Declines 0.49% to Rs. 1,50,750 Amid a Softer Dollar, Brent at USD 103.3
Key Levels to Watch
“What we’re looking at here is not a big move, it's within a range. But the fact that we are able to hold a range while oil is rallying suggests that gold is trying to find a reason to rally,” said Ilya Spivak, head of global macro at Tastylive.
If upcoming consumer price index data, producer price index data and retail sales data point to weaker economic momentum, markets may scale back expectations for further Fed rate hikes this year, providing a bullish catalyst for gold, Spivak added.
XAU/USD trades at USD 4,159.74, extending a corrective phase below all the major moving averages and keeping the near-term bias bearish. Gold is capped below the 21-day simple moving average (SMA) at USD 4,216.32, with the 100-day SMA at USD 4,249.66 and the 50-day SMA at USD 4,337.43 reinforcing overhead supply, while the 200-day SMA higher at USD 4,525.40 indicates the wider uptrend remains under pressure.
On the upside, immediate resistance is seen near USD 4,216, followed by USD 4,250; only a sustained break above these levels would ease the current bearish tone. On the downside, support is seen around USD 4,002.