National · 3 updates
Gold prices may not be that much sensitive to higher oil prices as has been the case in the last few months unless oil surges sharply higher. However, as the Middle East situation remains volatile, gains in gold could be limited unless oil falls. Buying the dips is preferred over chasing the rally.
Spot gold extended its weekly winning streak to the second straight week in the week ending August 14. It closed 0.70% higher for the week at $4376.
MCX Gold October futures continue to trade with a firm bullish bias, with prices holding near Rs 1,60,900 after extending their recent uptrend. The chart shows a clear sequence of higher highs and higher lows, supported by positive moving-average alignment and sustained buying interest.