Gold slips 1.44% to hover just above $4,300 as dollar nears 101, profit booking weighs on bullion

As per the latest business developments, Gold prices declined 1.44 percent just above $4,300 per ounce in the evening session on September 23, while US gold futures for December delivery declined 0.78 percent to $4,342.10 per ounce (13:24 GMT) from their previous close on Comex.

The domestic spot gold closed the Wednesday session at Rs 1,51,415 per 10 grams, while MCX gold futures for the October delivery declined 0.62 percent to Rs 1,51,775 per 10 grams (19:02 IST) from its previous close.

According to Jateen Trivedi, VP Research Market observer at LKP Securities, gold traded weak by more than Rs 650 as COMEX gold witnessed earnings booking from elevated marks near $4,365. "The Dollar Index rising towards 100.85 further noted further pressure on bullion. Gold range can be noted between Rs 1,50,000 and Rs 1,53,500.

The dollar index, which gauges the greenback's resilience against a basket of six currencies, was trading 0.27 percent elevated to 100.87, while as Brent crude surged 0.26 percent to 99.51 per barrel in futures trade.

Going ahead, US-Iran developments, UN meeting updates and Xi Jinping’s US visit are likely to keep gold volatile.

The Augmont Bullion report (Sept. 23) noted that precious metals eased on Wednesday as traders priced in the growing likelihood that major central banks will hold rates elevated for longer in their fight against sticky inflation.

"In the meantime, China's demand story kept strengthening in the background: gold imports through August already topped 1,000 tons, blowing past the country's entire 2025 total on the back of robust investment buying," the report stated.

The report noted that spot gold is trading in the $4,250–$4,450 (approximately Rs 1.50 lakh–Rs 1.54 lakh) range with a bullish bias, favouring buying on dips near backing and selling into rallies. A break above the upper resistance could pave the way for a move to $4,600–$4,700 (approximately Rs 1.60 lakh–Rs 1.65 lakh).