Gold trades below Rs58,000 on MCX after US inflation data

Amid the growing fear of a US Fed rate surge after above-expected US inflation data, the gold price traded below Rs58,000 per 10 gm on MCX (Multi Commodity Exchange). According to the reports, Gold also faced buying interest quite lower than expected although it traded at Rs 58,000 before hitting an intraday high of Rs58,018 per 10 gm. If we talk about the price of yellow metal in the international market, it is trading range-bound at around  $1,875 per ounce levels. If you want an in-depth analysis and report on yellow metal’s price, you need to keenly follow the given below sections. Also, read the silver prices that trade around $21.95 per ounce levels. Stick with this page and go through this article till the end. Drag down the page.

Gold Price

Acme Investment Advisors’ Sugandha Sachdeva said, “Gold prices are currently encountering resistance at the significant price levels of $1,880 per ounce and Rs58,350 per 10 gms in domestic markets. The precious metal’s performance is closely tied to the strength of the US dollar and interest rate expectations, and these factors will continue to shape its short-term trajectory.” Sachdea further added that a sustained move over the resistance levels could underline gains in Gold.

Anuj Gupta, Head of the Commodity & Currency at HDFC Securities suggested a ‘buy on dips’ strategy in regard to precious metals. He added that the yellow metal is likely to bounce back from its low as eases in the Israel-Hamas war are not visible in the domestic market and the conflict may lead to putting currency, equity, bond, and other market assets under pressure. These conditions would be a golden chance for the investors. A dip in the Gold price was referred to as an opportunity to invest in the yellow metal.

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Anuj Gupta pointed towards the renewed fear of a US Fed rate hike in the upcoming November 2023 meeting and said “After higher-than-expected US CPI data, fear of US Fed rate hike has got renewed. There is a buzz about interest rate hike in US Fed meeting scheduled in November 2023.” While the Executive Director & Chief Strategist at Acme Investment Advisors, Sugandha Sachdeva suggested, “Gold prices may witness some pressure as higher than expected US CPI data for the September month led to a significant rebound in the greenback while affecting the desire for the precious metal. Stay tuned to this website for more details and further updates.

Amzad Khan
Amzad Khan

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