Gold futures slipped 1% to ₹1.49 lakh per 10‑gram, a drop of ₹1,020 from the previous trade, while silver climbed 0.5% to ₹2.27 lakh per kilogram on the Multi Commodity Exchange, gaining ₹1,223.
The dollar index closed at 102.37, its highest level in 18 months, tightening gold’s upside. U.S. Treasury yields remain stubbornly high, with the 10‑year around 5.2%, a level that has capped gold’s recovery since the last holiday‑shortened week.
Kaveri More, Commodity Technical Analyst at Choice Broking, said the stronger dollar and elevated bond yields are the main drag on gold, keeping it in a consolidation phase. More added that a firm dollar and high Treasury yields will likely keep gold range‑bound until the Fed’s October policy decision.
Ashish Rajodiya, Head of Commodities at PL Capital, projects support at ₹1.45 lakh per 10g and resistance at ₹1.51 lakh. He notes that softer U.S. economic data has dampened expectations of an October Fed rate hike, but a firm dollar still restrains gold’s upside.
Globally, Comex gold futures for December delivery ticked up to $4,163.50 per ounce, while silver futures rose 1.58% to $61.31 per ounce. Akshat Siddhant, Lead Quant Analyst at Mudrex, highlighted that investors still price in a 70% chance of a December rate hike, keeping volatility in play.
Looking ahead, traders will focus on the Fed’s October meeting, the U.S. jobs report, and services PMI data from major economies. U.S. trade figures and consumer sentiment releases later this week will further shape the dollar’s trajectory and, by extension, bullion pricing.