Gold traded higher on MCX on October 13, pressured by a firm US dollar near an 18-month high, as investors awaited key US inflation data. Meanwhile, December gold futures dipped 0.15% to Rs. 1,50,765 per 10 grams, and December silver futures advanced 0.08% to Rs. 2,23,055.
Brent crude futures slid 1.13% to USD 105.5 per barrel. US West Texas Intermediate (WTI) declined 1.19% to USD 92.62 per barrel.
Domestic Gold Prices
24K gold fell by Rs. 39 to Rs. 1,49,290 per 10 grams, while 22K also declined by Rs. 35 to Rs. 1,36,850. Citywise, Mumbai and Kolkata mirrored prices at Rs. 1,49,290, while Delhi was at Rs. 1,49,450 and Chennai at Rs. 1,49,290.
US Gold Prices
US gold prices rose on Tuesday as oil prices slipped, while markets focused on the upcoming US inflation data for fresh signals on the Federal Reserve's interest-rate trajectory. Spot gold was up 0.4% to USD 4,185.69 per ounce. US gold futures for December delivery rose 0.5% to USD 4,209.90. Spot silver gained 0.2% to USD 60.42, platinum added 0.7% to USD 1,697.40, and palladium firmed 0.1% to USD 1,144.30.
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Key Levels to Watch
XAU/USD trades at USD 4,185 under a bearish bias. It holds below the 50-day simple moving average (SMA) at USD 4,339, the 100-day SMA at USD 4,252, and the 200-day SMA at USD 4,527.18, maintaining the broader downtrend.
On the upside, immediate resistance is seen near USD 4,253, followed by the 50-day SMA around USD 4,339.65. A sustained break above these averages would be needed to soften the negative tone. On the downside, the support sits at the upward trendline break level around USD 4,001.
“US CPI data will be critical for gold in the short term,” said Kyle Rodda, senior financial market analyst at Capital.com.
If inflation comes in hotter than expected, particularly on the core measure, and prompts even a modest increase in expectations of an October rate hike, it could result in another dip in gold, he added.