Gold Price Near Rs 1.46 Lakh: Will the Fall Continue?
Gold prices are under pressure from higher US yields and a stronger dollar. Upcoming US economic data could determine the precious metal's next move.
Gold prices remained under pressure on September 29, with MCX gold trading at around Rs 1,46,580 per 10 grams, down 0.15% at the time of reporting. A stronger US dollar and higher bond yields have weighed on the precious metal as investors assess the outlook for interest rates.
Gold generally faces pressure when US yields rise because interest-bearing assets become relatively more attractive. Market participants are also watching crude oil prices and geopolitical developments, including tensions involving the US and Iran, which have contributed to inflation concerns.
The next major trigger could come from upcoming US economic data, including job openings, the ADP employment report, the PCE inflation reading and non-farm payrolls. Stronger-than-expected figures could support the dollar and bond yields, potentially creating additional pressure on gold.
Technical analysts are also watching key price levels. For MCX gold, support has been identified around Rs 1,48,380 and Rs 1,47,950, while resistance is around Rs 1,49,500. Internationally, Comex gold has been trading near the $4,140-per-ounce level after recovering from support around $4,110.
The near-term outlook remains dependent on US inflation data, Federal Reserve signals, currency movements and geopolitical developments. For investors, the current decline highlights the volatility of gold rather than providing a clear indication of its longer-term direction.
