Gold rate today: The price of gold today opened flat but continued to hover around record highs. Spot gold price is currently around $2,660 per ounce (just $10 shy of the record high of $2,670), while the MCX gold rate today is hovering around ₹75,345 per 10 gm (₹655 away from the record high of ₹76,000).
Experts in the commodity market are eagerly awaiting Jerome Powell’s speech for clues on a potential US Fed rate cut. They believe the spot gold price today is likely to range between $2,660 and $2,700 per ounce, with the MCX gold rate fluctuating between ₹74,800 and ₹76,000 per 10 gm. Despite the current flat trading, experts suggest that the overall bias remains positive, advising investors to view any significant dips in gold prices as buying opportunities.
US Fed rate cut cues
Head of Commodity & Currency at HDFC Securities, Anuj Gupta, explained the current flat trading of gold by noting, “Investors are holding off on major decisions while waiting for Jerome Powell’s speech, expecting clarity on the US Fed rate cut. The positive bias for precious metals suggests that any dips in gold prices should be viewed as buying opportunities by investors.”
Further contributing to the flat gold prices, Tim Waterer, chief market analyst at KCM Trade, mentioned, “A mild bounce from the U.S. dollar is keeping gold prices in check. However, with markets anticipating more aggressive cuts from the Fed, there is an upside risk for the gold market.”
Gold price today: Important levels to watch
Anuj Gupta advised gold investors to monitor key levels closely, stating, “Spot gold price has immediate support at $2,660 per ounce and crucial support at $2,620 per troy ounce. On the MCX, immediate support is seen at ₹74,800, with crucial support at ₹78,200 per 10 gm. The upper resistance levels are at $2,690 to $2,700 and ₹75,800 to ₹76,000 for spot gold and MCX respectively.”
Fed Chair Jerome Powell, along with other Fed officials, is scheduled to speak at a conference on Wednesday, adding to the anticipation surrounding potential rate cut announcements.
(With inputs from Reuters)
Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. It is advisable for investors to seek advice from certified experts before making investment decisions, considering the rapidly changing market conditions and individual circumstances.
### Additional Insight:
* With markets eagerly anticipating Jerome Powell’s speech and potential rate cut announcements, gold prices are likely to see increased volatility in the coming days.
* The current flat trading of gold indicates investors’ cautious approach as they await further clarity on the US Fed’s monetary policy.
* The US dollar’s performance and any signals from the Fed officials could significantly impact the direction of gold prices in the short term.
