Gold rate today ₹1300 away from record high after US Fed minutes. Buy or wait?
Gold rate today: After rate cut hint in US Fed meeting minutes, gold price today opened higher on Multi Commodity Exchange (MCX) at ₹62,724 per 10 gm levels and went on to touch an intraday high of ₹62,771 per 10 gm within a few minutes of commodity market’s opening bell today. While climbing to the intraday peak, the yellow metal price came close to the lifetime high of ₹64,065 levels. MCX gold rate today is around ₹1,300 away from the record high.
In the international market, gold rates today opened higher around $2,041.50 levels. Currently, spot gold price is oscillating around $2,045 per ounce levels after hitting an intraday high of $2,046.94 per ounce levels.
Silver rates today opened higher at ₹72,423 per kg levels and went on to touch an intraday high of ₹72,492 per kg levels on MCX. In the international market, the silver price is currently oscillating around $23 per ounce levels.
US job data in focus
Speaking on the rally in gold price today, Anuj Gupta, Head – Commodities & Currencies said, “Gold prices are higher today as the US Fed has affirmed rate cut in the near term. However, it has raised concern regarding the uncertainties around the inflation pressure. So, gold prices are likely to trade range-bound in the $2,030 to $2,060 range. Likewise, MCX gold rate may trade in ₹62,400 to ₹63,200 per 10 gm range.”
Anuj Gupta of HDFC Securities advised gold investors to remain vigilant about the upcoming US job data on Thursday as it may provide more clarity on the US economy.
US Federal Reserve officials appeared increasingly convinced at their meeting last month that inflation was coming under control, with “upside risks” diminished and growing concern about the damage that “overly restrictive” monetary policy might do to the economy, according to minutes of the central bank’s Dec. 12-13 policy meeting.As a result “almost all participants indicated that…a lower target range for the federal funds rate would be appropriate by the end of 2024,” the minutes said, with “a number of participants” highlighting increased uncertainty about how long strict monetary policy would need to be maintained given the progress achieved on lowering inflation.
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