Gold price today: Yellow metal lacklustre ahead of US Fed meeting minutes; experts unveil key levels for MCX Gold rate

Gold prices traded lacklustre in the domestic futures market Wednesday morning amid tracking muted global cues ahead of the minutes of the US Fed's last policy meeting.

Nishant Kumar
Updated9 Oct 2024, 09:35 AM IST
Gold price today: Yellow metal lacklustre ahead of US Fed meeting minutes; experts unveil key levels for MCX Gold rate. REUTERS/Jayanta Dey (INDIA)
Gold price today: Yellow metal lacklustre ahead of US Fed meeting minutes; experts unveil key levels for MCX Gold rate. REUTERS/Jayanta Dey (INDIA)(Reuters)

Gold prices traded lacklustre in the domestic futures market Wednesday morning amid tracking muted global cues ahead of the minutes of the US Fed's last policy meeting. MCX Gold for December 5 contracts traded 0.03 per cent lower at 75,142 per 10 grams around 9:30 AM.

In the international markets, gold prices were struggling to stabilise after hitting a two-week low in the previous session. The rise in the dollar and recent strong macro data have weighed on gold prices.

All eyes are now on the Fed's September policy meeting minutes, due later today. The US Consumer Price Index (CPI) report will be on Thursday, and the Producer Price Index (PPI) data will follow on Friday. All these will significantly influence the expectations around the Fed rate cuts in November, affecting gold price movement.

The recent reports of Hezbollah seeking a ceasefire discussion with Israel also weighed on gold prices.

Also Read | Israel-Iran war: Experts see selling heat in these 10 Indian stocks

Gold tends to gain during times of political and economic uncertainty. Dollar's weakness and rate cuts are also positive for gold.

Also Read | Nifty vs gold: Which is a better option now?

Investors also await the RBI MPC outcome and the central bank's commentary on inflation and growth. The Reserve Bank of India (RBI) is set to announce its fourth bi-monthly monetary policy for FY25 today, October 9. The three-day meeting of the six-member RBI Monetary Policy Committee (MPC) ends today, and the RBI Governor Shaktikanta Das will announce the policy decision at 10:00 AM.

Track RBI Monetary Policy Meeting LIVE Updates Here

Experts' strategy for MCX Gold today


Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week amid volatility in the dollar index and geopolitical tensions.

"Gold has support at $2,622-2,600, while resistance at $2,650-2,664 per troy ounce and silver has support at $30.40-29.88, while resistance is at $31.00-31.35 per troy ounce in today’s session," said Jain.

"On the MCX, gold has support at 74,800-74,440 and resistance at 75,500-75,800, while silver has support at 87,750-86,800 and resistance at 89,650-90,400. We suggest staying away from gold and silver in today's session and waiting for the market to stabilise," Jain said.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $2,605-$2,580 and resistance at $2,644-$2,660, while silver has support at $30.20-$30.00 and resistance at $30.74-$30.95. In INR terms, gold has support at 74,780- 74,570 and resistance at 75,390- 75,570. Silver has support at 88,050- 87,550 and resistance at 89,590- 90,280.

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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

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First Published:9 Oct 2024, 09:35 AM IST
Business NewsMarketsCommoditiesGold price today: Yellow metal lacklustre ahead of US Fed meeting minutes; experts unveil key levels for MCX Gold rate

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