However, domestic prices remained under pressure. On the Multi Commodity Exchange (MCX), gold futures were trading at around ₹1,39,180 per 10 grams, down 0.20%, or nearly ₹280. One factor weighing on domestic gold prices is the appreciation of the Indian rupee against the US dollar. A stronger rupee makes dollar-denominated gold imports cheaper, which can reduce the pressure on domestic prices.
Investors are also keeping an eye on geopolitical developments. Russia is scheduled to hold peace talks with Ukraine and the US in Abu Dhabi on November 10 and 11. Meanwhile, uncertainty surrounding the Iran-US conflict continues to influence market sentiment. The outcome of the US midterm elections and upcoming labour market data could also offer clues about the Federal Reserve’s next policy move.
Can gold move higher from here?
Vandana Bharti of SMC Global Securities believes gold looks relatively stronger in the near term. She sees the current consolidation as a potential base for the next upward move.
On the international front, COMEX gold needs to sustain above the crucial $4,000 per ounce level. A decisive breakout could push prices towards $4,200, while $3,900 remains an important support.
On MCX, Bharti sees gold moving towards ₹1,42,000 per 10 grams, with support at ₹1,37,000.
With the festive buying season approaching, market participants will be watching whether gold’s consolidation turns into a sustained recovery. For buyers, the key will be to track price movements and avoid treating any target as a guaranteed outcome.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.