MCX gold futures for December delivery fell to Rs 1,42,216 per 10 grams on Tuesday, October 27, hitting the day's low as of 1 p.m., as investors remained cautious ahead of the US Federal Reserve's policy decision.
At 1:09 p.m., the contract was trading at Rs 1,42,460, down Rs 613, or 0.43%, from the previous close.
Gold futures have declined Rs 3,632 from the Oct. 14 closing price of Rs 1,45,848 to Tuesday's intraday low, extending the fall over the past 10 days. The decline comes as global gold prices face pressure from a stronger US dollar and concerns that interest rates could remain elevated for longer.
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Why Are Gold Prices Falling?
The US Federal Reserve's October 27-28 meeting is in focus for gold investors, who are watching for clues about the central bank's next move on interest rates. Gold tends to come under pressure when rates rise, as it does not pay interest and higher yields make other investments more attractive.
Gold prices had already suffered their steepest weekly decline in about four months last week, as rising energy prices stoked inflation concerns and fuelled expectations of further US rate hikes. While the Fed is widely expected to keep rates unchanged this time, investors are looking for signals on whether a rate hike could be on the table in December.
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Gold Price Outlook: Key Support And Resistance Levels
Ponmudi R, CEO of Enrich Money, said MCX gold opened with a gap-down near Rs 1,42,580 and subsequently recovered some of its early losses, but remained below the Rs 1,43,000 mark.
The immediate resistance range is between Rs 1,43,000 and Rs 1,43,700. A move above this zone could help stabilise prices, while the next resistance is placed between Rs 1,45,300 and Rs 1,46,000.
On the downside, support is seen in the range of Rs 1,40,000 and Rs 1,41,000. If gold breaks below this range decisively, prices could fall further towards Rs 1,37,500 to Rs 1,38,300.
Technical indicators also point to continued weakness. The relative strength index, or RSI, is near 35, while the moving average convergence divergence, or MACD, histogram remains negative, suggesting that bearish momentum persists.
Ponmudi added that domestic gold has been holding up better than international gold and MCX silver, partly because of the rupee's depreciation. The near-term outlook remains cautious, with the Fed's policy signals likely to influence the next move in bullion prices.
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