Gold Prices Expected to Maintain Firm Tone on October 1st
Gold prices are expected to maintain their firm tone on October 1st, according to Univest's analysis. On Wednesday, gold closed at Rs 147,381.00 per 10 grams, a 0.79 percent increase from the previous day. This sharp gain was the strongest single-day rise in over a week, with demand for the metal picking up despite relatively mild losses in equity markets.
Univest's analysts are tracking key variables such as crude oil prices and the US Dollar Index, which typically have an inverse relationship with metal and bullion prices on MCX. A sustained move in these factors could significantly impact gold prices on Thursday.
The Indian VIX ticked up 0.60 percent to 13.49 on Wednesday, indicating a mixed session for broader equity markets. However, the Bank Nifty gained on ICICI Bank's strength, while the Nifty 50 eased 0.42 percent and Sensex stayed nearly flat.
Univest's research desk, led by Ankit Jaiswal and Kunal Singla, emphasizes that traders should treat these predictions as a working framework rather than a fixed call. The analysts caution against making trades based solely on these levels, advising traders to carefully size their positions given the current volatility backdrop.