Gold Price Volatility Expected Amidst West Asia Conflict, Crude Oil Trends
Gold prices are expected to remain volatile in the coming week as investors monitor US dollar and bond yields, developments in the West Asia conflict, and trends in crude oil prices.
The Multi Commodity Exchange (MCX) saw gold futures for October delivery climb ₹1,597 or 1.04% last week to settle at ₹1.54 lakh per 10 grams. Silver futures also advanced ₹6,629 or nearly 3%, ending the week at ₹2.41 lakh per kilogram.
Ponmudi R, CEO of Enrich Money, noted that gold and silver began the week under pressure due to rising expectations of a US Federal Reserve rate hike, which pushed Treasury yields higher and weighed on non-yielding assets such as bullion. He also mentioned that persistent geopolitical uncertainty and fiscal concerns could provide intermittent safe-haven support for gold.
On the technical outlook, Ponmudi said MCX Gold closed the week firmer at ₹1,54,381, gaining 1.07% and rebounding from the ₹1,50,000 zone after a period of consolidation. He also highlighted immediate resistance levels at ₹1,54,000-₹1,54,700 and next resistance zones at ₹1,56,300-₹1,57,000.