Gold futures edged up 1.13% to ₹1.51 lakh per 10 grams, and silver futures lifted 1.64% to ₹2.24 lakh per kilogram on Friday’s session, mirroring a 1.43% rise for gold and 2.16% gain for silver in U.S. markets. The rally follows a recent auction of 30‑year U.S. Treasury bonds that pulled long‑term yields lower, easing the opportunity‑cost pressure on bullion.
Vedika Narvekar, Research Analyst – Commodities and Currencies at Anand Rathi Share and Stock Brokers, noted that the Treasury drop lifted gold’s support at the $4,100‑a‑ounce mark, but warned that inflation expectations could still bite if the Fed keeps tightening.
Oil prices slipped after U.S. President Donald Trump’s remarks on a potential pause to an Iranian attack; the dip in energy costs dampened inflationary headwinds that usually lift commodity prices.
Global gold ETF holdings climbed 0.3% this week, extending a 12‑week gain streak, while central‑bank purchases remained steady, providing a backdrop of institutional demand for the metal.
Immediate resistance for gold sits around $4,220 (≈₹1.52 lakh) and a stronger ceiling near $4,300 (≈₹1.55 lakh). Justin Khoo, Senior Market Analyst at VT Markets, highlighted that the September Fed minutes revealed 16 of 18 officials anticipate another rate hike in 2026, though softer PCE data has muted the odds of an October move.
Traders should monitor the U.S. CPI release on October 14, as well as any shifts in Treasury yields or the dollar, to gauge whether Friday’s gains can sustain or whether volatility will resume. Physical buyers might spread purchases over multiple sessions, while ETF investors should reassess allocation and horizon in light of the upcoming data.