Dollar strength and Fed minutes weigh on bullion
The US Dollar Index climbed above the 100 mark to roughly 100.30, its highest in over two weeks, making dollar-priced gold costlier for international buyers and trimming demand. The release of Fed minutes signalled policymakers’ caution on further rate reductions, which pushed markets to scale back the odds of a December cut a key factor that pushed bullion lower.
Intraday levels and technical view
Traders saw MCX December gold around ₹1,22,700–₹1,23,050 in early trade, with intraday volatility driven by currency moves and macroeconomic dataflow. Analysts place near-term support for gold in INR at ₹1,22,350 and ₹1,21,680, while resistance sits near ₹1,23,650 and ₹1,24,200. Silver levels were similarly watched, with support and resistance quoted in line with recent volatility.
What experts say
Rahul Kalantri, VP Commodities at Mehta Equities, noted that the dollar’s rise and mixed Fed commentary pared gains from session highs, while geopolitical uncertainty continues to provide a base for safe-haven demand. Another analyst suggested buying on dips near the quoted support levels with a conservative stop-loss, citing continued macro uncertainty.
Market context and trading tips
On international markets, spot gold moved lower amid dollar strength, while futures pricing and ETF flows showed modest repositioning. Commodity-market participants are watching US employment data and any follow-up Fed commentary that could shift rate-cut probabilities again. For intraday and positional traders on MCX, established support-resistance bands offer tradeable ranges pending clearer macro signals.
Where to check live prices and official data
Market participants can follow live MCX quotes and historical futures data via the exchange’s market data pages, and consult domestic financial portals for contract-level prices and open interest. For authoritative contract data, refer to the MCX historical data portal and the Economic Times commodity pages for real-time feeds.
Bottom line
Gold trimmed earlier gains as the dollar firmed and Fed minutes tempered hopes of a near-term rate cut. Traders and investors should watch dollar moves, US labor data and central-bank commentary for the next directional cues; until then, gold is likely to trade within the technical bands highlighted by analysts.
