Gold futures on the Multi Commodity Exchange (MCX) traded higher on August 5, supported by a softer U.S. dollar and falling crude oil prices, while investors await the Reserve Bank of India’s Monetary Policy Committee (RBI MPC) decision later today.
August gold futures rose 0.85% to Rs. 1,45,475 per 10 grams, and September silver futures gained 1.14% to Rs. 2,24,150. Meanwhile, Brent crude futures declined 1.18% to $78.42 per barrel, and U.S. West Texas Intermediate (WTI) edged down 1.57% to $74.58 per barrel.
Domestic Gold Prices
In the domestic market, 24K gold advanced by Rs. 175 to Rs. 1,45,750 per 10 grams, while 22K gold rose by Rs. 160 to Rs. 1,33,600. City-wise prices remained consistent: Mumbai and Kolkata quoted Rs. 1,45,750, Delhi Rs. 1,45,900, and Chennai Rs. 1,45,750.
U.S. Gold Prices
Internationally, gold prices rose for a third consecutive session on Wednesday, aided by a softer dollar and lower oil prices, as traders looked ahead to U.S. jobs data for hints on the interest-rate outlook. Spot gold was up 1.3% at $4,127.04 per ounce, and U.S. gold futures rose 0.8% to $4,184.40. Spot silver gained 1.9% to $60.64 per ounce, platinum climbed 1.4% to $1,758.35, and palladium advanced 0.9% to $1,365.62.
Key Levels to Watch
“Gold’s relation with oil is still intact, as oil prices have a tremendous impact on the global economy in terms of inflationary pressure. If we get a very clear roadmap to further de-escalation in tensions, gold prices could move higher,” said Kelvin Wong, senior market analyst at OANDA.
Internationally, gold has support at $4,120 and $4,089, with resistance at $4,184 and $4,222 per troy ounce. Silver has support at $59.10 and $58.40, with resistance at $61.60 and $62.80 per troy ounce.
On MCX, gold has support at Rs. 1,43,350 and Rs. 1,42,600, with resistance at Rs. 1,45,000 and Rs. 1,45,550. Silver has support at Rs. 2,20,000 and Rs. 2,17,700, with resistance at Rs. 2,23,000 and Rs. 2,25,500.
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