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Business News/ Markets / Commodities/  Budget 2024: Gold rate today under pressure after US Fed meeting. Buy or sell?
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Budget 2024: Gold rate today under pressure after US Fed meeting. Buy or sell?

Gold rate today is under pressure as there was no hint of a rate cut timeline in the recently ended US Fed meeting, say experts

Gold rate today on MCX is trading in ₹62,300 to ₹63,000 per 10 gm range whereas spot gold price is trading in small $2,020 to $2,060 per ounce range, say experts.Premium
Gold rate today on MCX is trading in 62,300 to 63,000 per 10 gm range whereas spot gold price is trading in small $2,020 to $2,060 per ounce range, say experts.

Gold rate today: On account of no rate cut signal in the US Fed meeting, gold price today witnessing some selling pressure ahead of the Union Budget 2024 date. Gold future contract on Multi Commodity Exchange (MCX) for February 2024 expiry opened lower at 62,880 per 10 gm level and touched an intraday low of 62,800 within a few minutes of the commodity market's opening bell on Thursday. In the international market, spot gold price is currently oscillating around $2,045 per ounce level.

US Fed meeting outcome

On why gold price is under pressure today, Anuj Gupta, Head — Commodity & Currency at HDFC Securities said, "Gold rate today is under pressure on MCX as the US central bank has not hinted any rate cut timeline in the US Fed meeting. 

Also Read: Paytm share price hits 20% lower circuit after RBI's restrictions on PPB

So, the focus has now shifted towards the Middle East crisis. Now, most of the economic date is expected to be dictated by the developments around the Red Sea crisis."

Budget 2024 in focus

Advising gold and other bullion investors to remain vigilant about the Union Budget 2024, Deveya Gaglani, Research Analyst - Commodities at Axis Securities said, "Today, we have the Interim Budget, which may act as a catalyst for Gold prices in the domestic market. As the gems and jewelry industry expects an import duty cut from 15 percent to 5 percent, it may drag prices lower. We advise investors to be cautious and watchful ahead of the budget and avoid heavy positions for the day."

Also Read: Maruti Suzuki share price rises nearly 5% on Budget 2024 day

Gold rate today: Important levels to look at

Expecting income for both bulls and bears in the current gold price movement, Anuj Gupta of HDFC Securities said, "Gold price on MCX is expected to remain in 62,300 to 63,000 per 10 gm range whereas spot gold price is expected to remain in $2,020 to $2,060 per ounce range. Bears can maintain sell on rise maintaining stop loss at 63,300 whereas bulls can maintain buy on dips maintaining stop loss at 62,000 per 10 gm level."

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Commodity News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
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Published: 01 Feb 2024, 10:46 AM IST
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