Gold rate today: On account of US dollar hitting five-months low and US Fed rate cut buzz in 2024, gold price in spot market touched three-week high during morning deals in Asian stock markets. Spot gold price today opened at $2,077 per ounce levels and went on to touch intraday high of $2,088 levels and hit three-week high. In domestic market, gold future contract on Multi Commodity Exchange (MCX) for February 2024 expiry opened at ₹63,728 per 10 gm levels and went on to hit intraday high of ₹63,821 levels.
Likewise, silver rate today on MCX opened higher at ₹75,743 per kg levels but witnessed profit booking and hit intraday low of ₹75,401 per kg levels within few minutes of commodity market’s opening bell. In international market, silver price today opened at $24.25 per ounce levels and went on to touch intraday high of $24.48 levels. The white metal’s intraday low in spot market is its opening price of $24.25 per ounce.
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US Fed rate cut in focus
On triggers that fueled gold price today at three-week high, Deveya Gaglani, Research Analyst – Commodities at Axis Securities said, “We are witnessing the Santa Claus rally in gold rate today. Gold prices rallied by more than 1 per cent on Wednesday, making a new multi-week high of ₹63,600 per 10 gm. In Comex, gold rices managed to breach the strong resistance zone of the $2,070 level, and they settled near the $2,080 level, which is a positive sign. The US dollar index is under selling pressure and made a new multi-month low of $100.9 on probability of a US Fed rate cut in March increased.”
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Axis Securities expert said that US Fed rate cut buzz has boosted the bullion prices. He said that gold prices are approaching the previous swing high of ₹64,000 level. A weekly close above will be a bullish sign for gold prices, and it may touch ₹65,000 by end of January 2024.
Important levels to watch
On important levels one can look at, Anuj Gupta, Head — Commodities & Curencies at HDFC Securities said, “Gold rate today is trading in $2,080 to $2,095 per ounce range with positive bias. MCX gold rate today is in ₹63,200 to ₹64,000 per 10 gm range.”
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On suggestion to gold investors, Anuj Gupta of HDFC Securities said, “One can maintain buy on dips strategy as overall outlook for gold is still looking bullish as market is expecting rate cut by the US Federal Reserve by end of March 2024.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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Published: 28 Dec 2023, 01:43 PM IST
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