National News
MCX Sees Broad Pullback Across Precious Metals
International Spot Prices Mirrored This Weakness, As COMEX Gold Slipped 0.90% To Approximately $4,401.90 Per Troy Ounce, While Global Spot Gold Dropped $32 To Trade Near $4,393.97 Per Ounce.
A stronger-than-expected US employment report drove a broad pullback across precious metals markets on Monday, lowering rate-cut expectations and lifting Treasury yields. On the Multi Commodity Exchange (MCX), gold futures for October opened gap-down at Rs 1,52,279 per 10 grams before sliding further to an intraday low of Rs 1,51,850. The December contract similarly lost ground, dropping 0.51% to trade around Rs 1,53,372 per 10 grams across 8,519 lots. Technical analysis indicates that while domestic gold continues to trade above its 50-day EMA, an RSI reading of 47.02 confirms softer momentum.
 Technical levels show immediate support sitting between Rs 1,50,700 and Rs1,50,000 near the 100-day EMA, with secondary support at Rs 1,48,000 to Rs 1,47,300, while resistance remains capped between Rs 1,53,700 and Rs 1,54,000.
Silver tracked the downward trend on the domestic exchange, with December futures opening lower at Rs 2,37,176 per kg and touching an intraday low of Rs 2,36,827 per kg before paring a fraction of those losses. International spot prices mirrored this weakness, as COMEX gold slipped 0.90% to approximately $4,401.90 per troy ounce, while global spot gold dropped $32 to trade near $4,393.97 per ounce.
In the physical spot market, 24-carat gold quoted at Rs 1,54,300 per 10 grams in both Delhi and Mumbai, while Kolkata and Chennai saw slightly lower rates at Rs 1,54,150 per 10 grams. For 22-carat gold, prices stood at Rs 1,41,450 in Delhi, Rs 1,43,600 in Mumbai, and Rs 1,41,300 in Kolkata and Chennai. Physical silver prices held firm at Rs 2,50,000 per kg across Delhi, Mumbai, and Kolkata, while buyers in Chennai paid a higher rate of Rs 2,55,000 per kg.
National News
Gold prices in India extend recovery on softer U.S. dollar, easing Treasury yields, lower crude oil prices.
Market participants attributed the firming metal prices to a pause in U.S. yield gains following strong demand at the latest 30-year U.S. Treasury auction, which relieved pressure on non-yielding assets.
Gold prices in India extended their recovery on Saturday, with 24-carat gold climbing back above the 151,000 rupee mark per 10 grams, supported by a softer U.S. dollar, easing Treasury yields, and lower crude oil prices.
The domestic benchmark rate for 24K gold rose by 710 rupees, or approximately 0.47%, to 151,420 rupees per 10 grams. For bulk purchases, 100 grams of 24K gold stood at 1,514,200 rupees, up 7,100 rupees from the previous session.
Jewellery-grade 22K gold advanced by 650 rupees to 138,800 rupees per 10 grams, while 18K gold climbed 540 rupees to hit 113,570 rupees per 10 grams. Per sovereign (8 grams), 24K gold traded at 121,136 rupees and 22K gold at 111,040 rupees.
The rebound follows a volatile week for bullion. Over the past four sessions, 24K gold has climbed nearly 1.5%, gaining roughly 2,240 rupees from 149,180 rupees on Oct. 6. On the Multi Commodity Exchange (MCX), gold futures rebounded above 151,000 rupees after dipping toward the 149,000 rupee level earlier in the week.
In international markets, spot gold traded near $4,174.78 an ounce after recovering from $4,118.63 in the previous session and briefly breaching $4,200. International spot silver surged over 2% to trade around $60.40 an ounce, driving domestic silver rates in India to approximately 235,000 rupees per kilogram.
Market participants attributed the firming metal prices to a pause in U.S. yield gains following strong demand at the latest 30-year U.S. Treasury auction, which relieved pressure on non-yielding assets.
However, analysts warned that near-term gains may remain capped due to expectations surrounding Federal Reserve monetary policy.The key constraint is the Federal Reserve’s hawkish stance, with policymakers signaling that further tightening may be necessary to bring inflation back to target.
Gold prices in India extend recovery on softer U.S. dollar, easing Treasury yields, lower crude oil prices.
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