Gold prices climbed nearly 1.18 per cent this week as crude oil prices retreated below $100 a barrel.
On Friday, MCX October gold futures fell 0.84 per cent. December silver futures declined 0.16 per cent. Gold futures stood at Rs 1,54,263, while silver traded at Rs 2,42,000 per kg.
IBJA data showed 24-carat gold at Rs 1,53,727 per 10 grams on Friday. The price stood at Rs 1,51,938 last Friday.
Precious metals initially faced pressure as markets assessed Middle East supply disruptions and fresh signals from the US Federal Reserve.
Crude oil prices declined for three straight sessions. They slipped below $100 a barrel after markets assessed that the Saudi East-West pipeline closure would have a smaller supply impact than initially feared.
The recovery in crude prices proved brief. A more hawkish-than-expected Federal Reserve outlook overshadowed its widely anticipated rate decision.
Rising rate expectations lifted Treasury yields and pressured non-yielding assets. Geopolitical risks added to market uncertainty. The Saudi pipeline outage and an attack on a vessel in the Strait of Hormuz raised concerns over Middle East energy supplies.
Silver outperformed gold. Market participants cited expectations of a sixth consecutive annual supply deficit in 2026, estimated at around 46.3 million ounces.
The US Federal Reserve raised rates by 25 basis points to 3.75 per cent to 4 per cent. It marked the first increase since 2023. Markets priced the chance of another October hike at around 55 per cent.
Comex gold faces resistance at $4,470 to $4,500, with support at $4,300 to $4,340. MCX gold resistance stands at Rs 1,54,000 to Rs 1,54,700, while support is placed at Rs 1,50,000 to Rs 1,50,700.
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