Gold price prediction today: Where are gold prices headed? Check outlook

Gold prices in India edged upward on Tuesday, driven by renewed geopolitical tensions between the United States and Iran, a weaker U.S. dollar, and concerns over potential disruptions in global oil supplies. At around 9:10 a.m. on September 8, the price of 24-karat gold in India’s retail market climbed 0.52%, or ₹790, to approximately ₹1,54,080 per 10 grams. On the Multi Commodity Exchange (MCX), gold futures were trading at ₹1,53,727 per 10 grams, up 0.47%, at around 10:48 a.m. The rise in gold prices coincided with reports of increased activity in the Strait of Hormuz, where traffic had slowed following threats from Iran regarding potential retaliatory actions against U.S. military operations. This has raised concerns about prolonged shipping disruptions, contributing to volatility in oil markets. Brent crude was trading near $97 a barrel, adding to the pressure on energy prices. Meanwhile, silver futures also saw gains, rising approximately 0.71% to ₹2,40,700 per kilogram. Retail gold prices varied slightly across major Indian cities due to differences in local taxes, premiums, and other charges. In New Delhi, 24-karat gold was priced at ₹1,53,660 per 10 grams, while in Mumbai, it stood at ₹1,53,930. Bengaluru recorded the highest 24-karat gold price at ₹1,54,050, whereas New Delhi had the lowest. Chennai showed the highest 24-karat gold price at ₹1,54,370, and Kolkata had the lowest 22-karat gold price at ₹1,40,910. The movement in gold prices reflects a complex interplay of factors. While geopolitical uncertainties have bolstered demand for gold as a safe haven, the U.S. dollar weakened, making dollar-denominated assets more attractive to buyers using other currencies. Spot gold prices globally rose 0.6% to $4,432.79 an ounce, with the dollar index declining 0.3%. In contrast, gold prices in the international market faced challenges earlier in the week. They began the week near $4,400 per ounce after experiencing a weekly decline. According to Manav Modi, a senior analyst at Motilal Oswal Financial Services Ltd., gold has entered a corrective phase following strong selling pressure from the recent Rs 163,000–164,000 range. Current prices hover around Rs 152,300, indicating a cautious near-term outlook. Modi noted that the broader trend remains range-bound, but the sharp rejection from recent highs suggests that the Rs 160,000–163,500 range continues to act as a key supply zone. For gold to regain positive momentum, it would need to reclaim the Rs 156,300–157,000 level. Further weakness might lead to lower support zones becoming relevant. From the Bollinger Bands perspective, the 20-day average is at Rs 156,358, with the upper band at Rs 163,463 and the lower band at Rs 149,254. Gold prices are approaching the lower band after reversing from the upper band, signaling increased selling pressure. The Rs 149,000–150,000 range thus becomes a crucial support zone for the week. With the recent rally from approximately Rs 140,000 to Rs 164,000, Fibonacci retracement levels suggest key points at Rs 158,300 (23.6%), Rs 154,800 (38.2%), Rs 152,000 (50%) and Rs 149,200 (61.8%). Gold is currently testing the 50% retracement level, making Rs 152,000 an immediate critical point. A break below this level could extend the correction toward Rs 149,000, while maintaining this zone may trigger a recovery. The weekly bias remains neutral to mildly bearish, with immediate support at Rs 152,000, followed by Rs 149,000–149,300 and Rs 146,000. Resistance is observed at Rs 154,800, followed by Rs 156,300–158,300 and Rs 163,500.