Gold prices could remain under pressure in the near term as MCX Gold struggles to move past the crucial Rs 1.52 lakh per 10 grams level. A combination of elevated global bond yields, a firm US dollar and tighter monetary policy is weighing on investor sentiment towards the precious metal.
The recent 25 basis point repo rate hike by the Reserve Bank of India (RBI) to 5.50 per cent on October 8, 2026, has also added to the cautious environment for domestic bullion prices.
Market participants are now closely watching the Rs 1.52 lakh mark, which has emerged as a significant technical barrier. Unless gold manages to break and sustain above this level, any recovery could continue to face selling pressure.
Rs 1.52 Lakh Remains Key Resistance
The December Gold contract on the Multi Commodity Exchange has been witnessing profit-booking at higher levels, indicating that traders are becoming increasingly cautious after the recent price gains.
A sustained close above Rs 1.52 lakh could improve the technical outlook and encourage fresh buying. However, repeated failure to cross this level could push prices lower and bring the Rs 1.47 lakh-Rs 1.48 lakh zone into focus.
This makes the Rs 1.52 lakh mark an important level for traders to track in the coming sessions.
Rs 1.44 Lakh Emerges as Major Support
On the downside, Rs 1.44 lakh is seen as an important support level. The zone could attract buying interest if prices correct further, making it a crucial floor for the market.
A break below this support, however, could signal a deeper correction and increase selling pressure.
Global Factors Continue to Shape Gold’s Direction
Gold’s near-term movement is also being influenced by broader global factors. Higher bond yields tend to reduce the appeal of non-yielding assets such as gold, while a stronger US dollar can make the metal more expensive for overseas buyers.
At the same time, expectations around interest rates and central bank policy remain important for bullion investors. Any change in the global rate outlook could quickly influence gold prices and market sentiment.
What Investors Should Watch
For now, the market remains at an important technical crossroads. A decisive move above Rs 1.52 lakh could signal renewed strength, while a failure to hold higher levels may bring Rs 1.47 lakh-Rs 1.48 lakh into focus, followed by the major support at Rs 1.44 lakh.
With global yields, the dollar and monetary policy continuing to influence sentiment, traders are likely to remain cautious until MCX Gold provides a clearer directional signal.
In the near term, Rs 1.52 lakh remains the key hurdle, while Rs 1.44 lakh is likely to act as an important support for MCX Gold.
