Gold prices advanced on the Multi Commodity Exchange (MCX) on September 8, driven by robust spot market demand and supportive global cues. The October gold futures contract climbed 0.77% to Rs 1,53,992 per 10 grams, while silver futures for September slipped 0.96% to Rs 2,41,304 per kilogram.
In the international oil market, Brent crude futures rose 0.59% to USD 97.57 per barrel, and US West Texas Intermediate (WTI) gained 1.64% to USD 92.98 per barrel.
Market participants are closely watching the Federal Reserve’s next move. According to the CME FedWatch Tool, there is a 41.6% probability that the Fed will keep interest rates unchanged in September, while a 58.4% chance points to a rate hike.
Domestic Gold Prices
In the Indian bullion market, 24K gold rose by Rs 120 to Rs 1,55,350 per 10 grams, and 22K gold advanced by Rs 110 to Rs 1,42,400. Regional prices varied slightly: Mumbai and Kolkata quoted Rs 1,55,350, Delhi at Rs 1,55,500, and Chennai at Rs 1,55,670.
US Gold Prices
Gold prices in the US climbed on Tuesday as the US dollar weakened. Investors are now focused on upcoming inflation data, which could influence the Federal Reserve’s policy direction. Spot gold rose 0.6% to USD 4,429.89 per ounce, while US gold futures for December delivery traded at USD 4,475.10.
Other precious metals also gained: spot silver added 1% to USD 66.78 per ounce, platinum rose 0.4% to USD 1,834.00, and palladium firmed 1% to USD 1,402.87.
Key Levels to Watch
Chris Weston, head of research at Pepperstone Group, noted that gold remains in a tug-of-war between buyers and sellers, with neither side showing enough conviction for a sustained directional move. Edward Meir of Marex added in a monthly note that gold is unlikely to fall sharply even if the central bank raises rates, emphasizing that market unease about Fed and Treasury signals matters more than the rate move itself.
On MCX, gold faces support at Rs 1,51,750 and Rs 1,50,500, with resistance at Rs 1,53,850 and Rs 1,54,700. Silver has support at Rs 2,36,600 and Rs 2,35,000, and resistance at Rs 2,41,000 and Rs 2,44,000.
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