Gold Prices Hit 7-Week High, MCX Tops ₹1.49 Lakh as Dollar Weakens; Rally to Continue? | Commodity Market Today

Gold prices climbed to a seven-week high on Thursday, extending gains for a fourth straight session, as a weaker US dollar and easing crude oil prices lifted demand for bullion.

At around 9:10 am, MCX Gold October futures were trading ₹757 higher at ₹1,49,250 per 10 grams, while MCX Silver September futures gained ₹228 to ₹2,27,812 per kg.

In the international market, spot gold traded above $4,280 an ounce, while COMEX gold remained near its highest level in seven weeks after recording its biggest single-day gain in months.

Why Are Gold and Silver Prices Rising Today?

Bullion prices continued to strengthen after the US dollar weakened and Treasury yields eased, improving the appeal of non-yielding assets such as gold.

Market sentiment also improved after reports suggested progress towards an agreement involving Iran and Oman over shipping through the Strait of Hormuz. Hopes that crude oil supplies could normalise have pushed oil prices lower and reduced concerns about energy-led inflation.

Lower inflation expectations have also tempered expectations of further interest-rate increases by the US Federal Reserve, offering additional support to gold.

Silver moved higher alongside gold, extending gains for a fourth consecutive session as investors continued to add exposure to precious metals.

US Jobs Data, Fed Outlook Remain in Focus

Investors are now awaiting the weekly US jobless claims data, followed by the closely watched non-farm payrolls report on Friday.

The data is expected to provide fresh clues on the strength of the US labour market after recent economic indicators pointed to slower hiring. Any sign of further cooling could reinforce expectations that the Federal Reserve may avoid tightening policy further, while stronger-than-expected data could support the US dollar and limit gains in bullion.

Markets are also tracking developments in West Asia, where negotiations over the Strait of Hormuz remain in focus. Any disruption to shipping or setback in diplomatic efforts could revive safe-haven demand.

Gold Market Awaits Fresh Direction

The next move in bullion prices is likely to depend on US economic data and geopolitical developments.

Traders will be watching whether progress in negotiations around the Strait of Hormuz translates into a formal agreement and whether upcoming labour market data changes expectations for the Federal Reserve's next policy move.

A weaker dollar and lower bond yields have supported gold over the past few sessions, but any reversal in those trends could influence the pace of the current rally.

MCX Gold & Silver Technical Outlook

According to Kotak Neo Commodity Research, MCX Gold (October) has immediate support at ₹1,48,299, followed by ₹1,47,810 and ₹1,46,224. On the upside, resistance is seen at ₹1,49,885, ₹1,50,374 and ₹1,51,960. The recommended buying zone is around ₹1,47,810, while the selling zone is placed near ₹1,50,374.

For MCX Silver (September), support is placed at ₹2,25,802, followed by ₹2,24,661 and ₹2,20,966, while resistance is seen at ₹2,29,498, ₹2,30,639 and ₹2,34,334. Kotak Neo Commodity Research expects prices to remain range-bound unless fresh macroeconomic or geopolitical developments trigger a breakout.

Also Read - Swiggy Shares Jump 5% As Company Unveils FY31 Roadmap, Targets ₹10,000 Crore Adjusted EBITDA