MCX Gold Settles at 1.54 Lakh After 1.04% Weekly Gain
Gold futures closed at 1.54 lakh per 10 grams as traders weigh Fed policy and geopolitical risks.
Key points
- MCX gold futures settled at 1.54 lakh per 10 grams, up 1.04% for the week.
- Silver futures rose nearly 3% to 2.41 lakh per kilogram on the exchange.
- Traders watch US PMI and housing data for cues on Fed policy direction.
Gold futures on the MCX settled at 1.54 lakh per 10 grams. This marked a 1.04% gain for the week. Traders remain cautious despite the recent price recovery.
Silver futures advanced to 2.41 lakh per kilogram. The metal recorded a nearly 3% weekly increase. International Comex gold closed at 4,424.9 dollars per ounce.
Fed policy drives yield pressure
Rising expectations for a Fed rate hike pressured bullion initially. Treasury yields climbed, weighing on non-yielding assets. The hawkish dot plot remains the dominant driver for metals.
Investors now focus on upcoming US economic indicators. Manufacturing and services PMI data will guide policy outlook. Housing data and consumer sentiment figures also matter.
Geopolitical risks support safe-haven demand
A Saudi pipeline outage and Strait of Hormuz attack added risk. These events heightened concerns over Middle East energy flows. Such uncertainty provides intermittent support for gold prices.
Livemint reports that fiscal concerns also play a role. These factors counterbalance the negative impact of higher yields. The market remains sensitive to inflation and dollar movements.
Technical levels define trading range
MCX Gold stabilized after rebounding from the 1.50 lakh zone. Immediate resistance sits between 1.54 and 1.547 lakh. Support remains strong near the 1.50 lakh level.
Choice Broking notes gold remains in a rising channel. Prices hold above key moving averages at 153,392. A breakout above 163,100 would boost bullish momentum.
