Gold Price Volatility: What to Watch This Week

Gold prices are expected to maintain a volatile, range-bound trend in the coming week. This forecast comes as market analysts closely observe the US dollar and bond yields, alongside developments in the West Asia conflict and crude oil price trends.

Last week, gold futures on MCX for October delivery rose by ₹1,597 to settle at ₹1.54 lakh per 10 grams. Silver futures also advanced by nearly 3%, ending at ₹2.41 lakh per kilogram. In international markets, Comex gold futures for December delivery saw a slight increase, while silver prices in New York also climbed.

Analysts indicate that gold's sensitivity to Treasury yields, the US dollar, and inflation data will continue. However, ongoing geopolitical uncertainty and fiscal concerns could provide intermittent support through safe-haven demand. Key US economic indicators, including housing data and consumer sentiment, will also influence monetary policy outlooks and bullion demand.

Technically, MCX Gold has shown improving short-term momentum, with resistance levels identified between ₹1,54,000-₹1,54,700 and ₹1,56,300-₹1,57,000. Support is noted around ₹1,50,000-₹1,50,700. The overall bullish structure remains intact as long as prices stay above ₹1,50,000.

Furthermore, recent analysis suggests gold remains within a rising channel, sustained above key moving averages. A breakout above the 163,100 level could further boost bullish momentum. Traders are advised to monitor upcoming US economic data, such as new home sales and consumer sentiment, for further insights into the sideways-to-bullish trend expected for gold.