Domestic gold contracts are hovering near ₹1,38,500 per 10 grams on the Multi Commodity Exchange, dampened by a firmer US dollar and hot American inflation data that have overshadowed crude oil dropping to $92 per barrel. Analysts at Kotak Neo and Choice Broking believe crossing key hurdle ranges up to ₹1,46,100 could reignite momentum toward ₹1.50 lakh by late 2026. However, cautious market watchers warn that failing to maintain crucial global floors could trigger extended selling pressure across non-yielding assets.
Key points
Technical analyst Kaveri More identified holding the ₹1,42,800 to ₹1,46,100 range as crit…: Technical analyst Kaveri More identified holding the ₹1,42,800 to ₹1,46,100 range as critical for domestic momentum to return.
Research analyst Anuj Gupta warned that higher borrowing costs could spur additional sell…: Research analyst Anuj Gupta warned that higher borrowing costs could spur additional selling and diminish interest in non-yielding metals.
A failure to defend global support at $3,800 per ounce could expose international spot go…: A failure to defend global support at $3,800 per ounce could expose international spot gold to a steeper decline toward $3,400.
Sources checked by our analysis pipeline: 1
Gold price outlook: Gold prices have come under pressure in recent trading sessions, with the precious metal struggling to find support despite a sharp correction in crude oil prices. With the US Federal Reserve maintaining a hawkish stance, expectations of further interest rate hikes and a strengthening US dollar have weighed on bullion sentiment.
On the Multi Commodity Exchange (MCX), gold prices are trading near ₹1,38,500 per 10 grams, down from recent highs. Meanwhile, international spot gold is hovering around $3,955 per ounce.
Market experts remain divided on the near-term outlook, with some cautioning against further downside while others believe a recovery is possible if macroeconomic conditions turn favourable.
Several global macroeconomic factors are currently influencing gold prices, with the US Federal Reserve's monetary policy outlook emerging as the biggest driver.
According to Anuj Gupta, SEBI Registered Research Analyst, gold is facing selling pressure amid expectations that the US Federal Reserve could raise interest rates by 50 basis points.
A potential rate hike would make interest-bearing assets more attractive compared with non-yielding assets such as gold, potentially triggering further selling…
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