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Business News/ Markets / Commodities/  Gold rate today, 22 Feb 2024: Gold price jumps after US Fed minutes release
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Gold rate today, 22 Feb 2024: Gold price jumps after US Fed minutes release

Gold rate today is in the $2,000 to $2,050 per ounce range in the international market whereas, on MCX, the gold price is in ₹61,500 to ₹63,000 per 10 gm level, say experts

Gold investors are advised to remain vigilant about the US dollar rates as it is expected to dictate gold price movement in the near term. (Photo: Reuters)Premium
Gold investors are advised to remain vigilant about the US dollar rates as it is expected to dictate gold price movement in the near term. (Photo: Reuters)

Gold rate today, 22 Feb 2024: After the release of the US Fed minutes on Wednesday, gold price today witnessed some relief rally during morning deals. Gold futures contract on the Multi Commodity Exchange (MCX) for April 2024 expiry opened higher at 62,155 per 10 gm level and went on touch an intraday high of 62,169 per 10 gm level. In the international market, spot gold price is trading flat at $2,025 per ounce level.

Like gold, silver rate today on the MCX witnessed buying interest as the precious white metal opened higher at 70,724 per kg level and went on to touch an intraday high of 70,800 per kg level. In the international market, the spot silver rate today is around $23 per ounce.

US dollar in focus

Speaking on the reason for the rise in gold price today, Anuj Gupta, Head — Commodity & Currency at HDFC Securities said, "Gold price has risen after the ease in the US dollar rates during the early morning trade in the Asian stock markets. However, it would be important to see how long this rally sustains because the US Fed minutes have not given any concrete cue about the interest rate cut. Most of the US Fed officials have raised concerns over the inflation, which has put doubts into the minds of gold investors across the globe."

Also Read: Renuka Sugar to Balrampur Chini: Why sugar stocks in India are nosediving today?

Anuj Gupta of HDFC Securities advised gold investors to remain vigilant about the US dollar rates as it is expected to dictate gold price movement in the near term.

Echoing Anuj Gupta's views; Saish Sandeep Sawant Dessai, Analyst — base metals at Angel One said, "Gold prices edged higher today as the ongoing Middle East conflict heightened safe-haven demand. The Iran-aligned Houthis continued their attacks on shipping lanes, causing at least four more vessels to be hit by drone and missile strikes. Bullion, often viewed as a hedge against economic and geopolitical uncertainties, saw increased interest amid the geopolitical tensions."

Important levels to look at

"MCX gold rate today is in 61,500 to 62,500 per 10 gm range whereas the spot gold price is in $2,000 to $2,050 per pounce range. On breaching the upper hurdle, MCX gold rate may go up to 63,000 level while spot gold price is expected to find next hurdle at $2,080 per ounce level," said Anuj Gupta.

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: 22 Feb 2024, 11:03 AM IST
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