Today’s gold rate: Due to a drop in the US dollar after US Fed Chairman Jerome Powell hinted at a rate hike, gold prices rose today to a six-month high on the Multi Commodity Exchange (MCX). Today’s MCX gold rate for the December 2023 expiry opened higher at 60,401 per 10 gm levels and rose to an intraday high of 60,615. In the international market, the sports fold price is hovering around $1,976 per ounce, nearing to its nearest obstacle of $1,980.
Similarly, silver opened higher today at 71,995 per kg and went on to record an intraday high of 72,164 levels within a few minutes of the commodity market’s opening bell. Today’s silver price in the international market is hovering around $22.90 per ounce.
The focus is on US Fed news.
Anuj Gupta, Head of Commodity & Currency at HDFC Securities, stated of the causes that have propelled gold prices today, “Gold prices are rising after the rate pause hint dropped by US Fed Chairman Jerome Powell.” The dovish position of the US Fed chairman on interest rate hikes has halted the US dollar surge, which has spurred the gold price rally. Today’s gold price has risen to a five-month high.”
The conflict in Israel is being scrutinized.
Anuj Gupta remarked, “Israel war has subsided following Joe Biden’s visit and ceasefire announcement in south Gaza.” The US Fed’s rate hike suggestion has fueled demand for gold.”
US dollar to Indian rupee
“As diplomatic efforts to end the Middle East crisis could increase emotions favoring risk, we anticipate the rupee to trade with a little positive tilt. The US dollar may provide additional support to the native currency. However, a rise in global crude oil prices could limit the advantage. Any further escalation of geopolitical tensions in the Middle East could put pressure on the rupee. US housing market statistics and the Beige Book may influence traders. The USDINR spot price is projected to trade around the 82.90-83.60 range, according to Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.
Levels to be aware of
“Gold price in the international market is facing crucial hurdle at $1,980 per ounce levels whereas it is facing crucial support at $1,945 to $1,950 levels,” said Anuj Gupta of HDFC Securities. On the MCX, gold prices are confronting a barrier at 60,500 per 10 gm levels, and if this barrier is breached, gold prices may rise to 61,200 and 61,800 per 10 gm levels. On the downside, the gold price has critical support at 59,250 to 59,300 per ten-gram level.”
According to Anuj Gupta, the spot price of silver ranges between $22.50 and $24 per ounce. On the MCX, silver price has a support level of 71,000, with resistance levels of 73,000 and 76,000 per kg.
