MCX Gold Rises 0.5% to Rs 1,49,608 Ahead of US Jobs Data; Key Levels to Watch

Gold prices edged higher on the Multi Commodity Exchange (MCX) on Friday, August 7, as investors awaited the release of the US non-farm payrolls (NFP) report for clues on the Federal Reserve’s interest rate trajectory. August gold futures rose 0.5% to Rs 1,49,608 per 10 grams, while September silver futures advanced 1.09% to Rs 2,28,300.

Domestic Gold Prices

In the Indian bullion market, 24K gold increased by Rs 16 to Rs 1,49,890 per 10 grams, and 22K gold gained Rs 15 to Rs 1,37,400. Regional prices remained largely uniform: Mumbai and Kolkata quoted Rs 1,49,890, Delhi Rs 1,50,040, and Chennai Rs 1,50,000.

Global Gold and Commodity Markets

Internationally, spot gold rose 0.6% to $4,262.39 per ounce, heading for its biggest weekly gain since January. US gold futures climbed 0.5% to $4,321.50. The rally was supported by weaker oil prices and expectations that the Fed may adopt a more dovish stance.

Spot silver added 1.3% to $62.27, platinum rose 0.5% to $1,737.25, while palladium slipped 0.2% to $1,368.37. In the energy market, Brent crude futures rose 1.83% to $84 per barrel, and US West Texas Intermediate (WTI) edged up 1.67% to $78.58.

Key Technical Levels

Analysts noted that the $4,000 level has emerged as solid support for gold. XAU/USD trades at $4,260.68 on the daily chart, holding above the 21-day simple moving average (SMA) at $4,083.25 and the 50-day SMA at $4,151.23, keeping the near-term bias bullish.

On the upside, immediate resistance is at the 100-day SMA of $4,389.72, followed by a more substantial barrier at the 200-day SMA around $4,494.54. On the downside, support lies at the 50-day SMA near $4,151.23 and then $4,083.25.

“Regardless of how NFP plays out, $4,000 has proven to be a solid support level — and I suspect bulls are waiting for dips to take advantage of a much-needed correction higher towards $4,600. NFP may provide some noise over the near term, but price action has spoken, and gold looks like it wants to rally,” said market analyst Simpson.

Investors now await the US non-farm payrolls data, which could provide further direction for gold prices in the near term.