Gold futures on MCX surged past the Rs 1.55 lakh mark on Tuesday as a weaker dollar lifted global sentiment. Silver futures also climbed above Rs 2.39 lakh per kilogram. Investors now eye key US inflation data for further direction.
MCX Rates Hit Fresh Highs
October gold futures rose 1.32 percent to Rs 1,55,124 per 10 grams on Tuesday morning. September silver futures gained 1.07 percent to Rs 2,39,400 per kilogram. The rally started around 9:10 am as the dollar index slipped. A softer dollar makes bullion cheaper for holders of other currencies.
Analyst Sees Path to Rs 2 Lakh
Ajay Kedia of Kedia Commodities said gold could hit Rs 1.70 to 1.80 lakh this year. He added that prices may breach Rs 2 lakh within 18 months. De-dollarisation trends support the long-term bullish case. If international gold holds above $4,300 per ounce, a move to $4,600 is possible. Kedia sees $6,000 as a longer-term target for the metal.
Oil and Geopolitics Add Support
Crude oil hovered near $88 per barrel amid US-Iran tensions. The Hormuz Strait remains closed until Iran receives compensation. These factors keep safe-haven demand intact for precious metals globally.
US Inflation Data in Focus
Markets await Wednesday CPI and Thursday PPI prints. These will shape Federal Reserve rate expectations. Traders currently price a 52 percent chance of a September rate hike.
Technical Levels to Watch
Ravi Singh of Master Capital Services noted gold trading near Rs 1,54,500 resistance. A sustained break could push prices to Rs 1,58,000. Immediate support sits at Rs 1,51,000. The key support zone lies at Rs 1,47,600.
Range-Bound View Prevails
Jateen Trivedi of LKP Securities expects MCX gold to trade between Rs 1,50,000 and Rs 1,54,000 near term. Weak CPI data would support prices. Stronger-than-expected inflation could trigger profit booking in the market.
