December gold futures in India rose 0.4% to ₹143,129 per 10 grams on Tuesday, while Mint reported a Religare Broking target of ₹148,000 as markets awaited U.S. inflation data.
Mint reported that the December contract on the Multi Commodity Exchange of India (MCX) had gained ₹577 by 10:38 a.m. India Standard Time, or 12:08 a.m. ET (05:08 UTC). The quote is for an exchange-traded futures contract, not a retail price for physical gold.
Mint said Religare Broking’s ₹148,000 target depended on prices holding support. Separately, Mint reported that Ponmudi R, CEO of Enrich Money, put immediate support at ₹143,000 to ₹143,700 and resistance at ₹145,300 to ₹146,000. He identified ₹148,000 to ₹148,600 as another resistance range and said a sustained move above ₹146,000 would be needed to extend the recovery.
Mint linked the gold rebound to easing crude prices, which it said had reduced inflation concerns. It also said a stronger U.S. dollar and higher Treasury yields continued to weigh on bullion.
Crude fell Monday after U.S. President Donald Trump indicated further strikes on Iran were unlikely if negotiations advanced, Reuters reported. Brent crude futures settled at $92.57 a barrel, down $5.75, or 5.85%, and then dropped by more than $7 in post-settlement trading. U.S. West Texas Intermediate futures settled at $86.85, down $3.98, or 4.38%.
The U.S. Bureau of Labor Statistics (BLS) scheduled the October Consumer Price Index (CPI) release for 8:30 a.m. ET Tuesday (13:30 UTC). The October Producer Price Index is due Nov. 13 at the same time. The Federal Reserve’s next meeting is scheduled for Dec. 8-9.
