Gold Prices Rebound as Dollar Weakens, But Rs 1.60 Lakh Remains Key Hurdle

Gold prices rebounded on September 3, rising as the US dollar weakened and easing energy-driven inflation concerns supported bullion. The COMEX gold futures surged 1.30% to $4,472.10 per ounce during early trading, while MCX gold futures for the October contract increased by 0.88% to Rs 1,53,745 per 10 grams.

Nirpendra Yadav, Sr Research Analyst at Bonanza, noted that Rs 1.60 lakh remains a key resistance level for MCX gold. He suggested that after the recent sharp rally and correction, this level could be treated as a breakout point rather than an immediate move above it.

The analyst also mentioned that if prices continue to sustain and hold support near Rs 1,43,000 to Rs 1,40,000, a bullish upside move towards Rs 1,60,000 can be expected. A decisive breakout and sustained trading above Rs 1.60 lakh could trigger fresh buying, with Rs 1.65 lakh and Rs 1.70 lakh as potential targets.