Active Stocks
Thu Apr 18 2024 15:59:07
  1. Tata Steel share price
  2. 160.00 -0.03%
  1. Power Grid Corporation Of India share price
  2. 280.20 2.13%
  1. NTPC share price
  2. 351.40 -2.19%
  1. Infosys share price
  2. 1,420.55 0.41%
  1. Wipro share price
  2. 444.30 -0.96%
Business News/ Markets / Commodities/  Gold rate today, 4th March 2024: Gold price retraces from 3-month high on hawkish US Fed rate buzz. Opportunity to buy?
BackBack

Gold rate today, 4th March 2024: Gold price retraces from 3-month high on hawkish US Fed rate buzz. Opportunity to buy?

Gold rate today is under pressure as the US Fed chief Jerome Powell is expected to talk hawkish during the US Senate testimony this week

Gold rate today: The overall trend is bullish till gold prices are sustaining above ₹63,000 per 10 gm mark, say experts. (Photo: AFP)Premium
Gold rate today: The overall trend is bullish till gold prices are sustaining above 63,000 per 10 gm mark, say experts. (Photo: AFP)

Gold rate today witnessed some selling pressure in early morning deals after the spread of news reports saying the US Fed chief Jerome Powell to re-iterate hawkish stance on interest rates while testifying before the US Congress this week. Gold price on the Multi Commodity Exchange (MCX) opened lower at 63,401 per 10 gm level but attracted buying at lower levels and climbed to an intraday high of 63,502 per 10 gm. In the international market, spot gold price is oscillating around $2,080 per ounce level.

According to commodity market experts, the gold rate today is under the sell-off heat after the media reports about the US Fed chief Jerome Powell talking hawkish while testifying in the US Senate this week. They said that the hawkish UIS Fed rate buzz has triggered fresh buying in the US bond and currency market.

Also Read: Stocks to buy: 10 stocks that can jump 5-23% in the next 3-4 weeks

Why gold rate today under pressure?

On trigger for the decline in gold price today, Anuj Gupta, Head — Commodity & Currency at HDFC Securities said, "Last week, we saw a strong upside in gold price after the ease in US inflation, which triggered US Fed rate cut buzz in upcoming US Fed meeting. This pushed gold prices to a nine-week high in the domestic market and a three-month high in the international market. However, the focus has now shifted towards the US Fed chief Jerome Powell's testimony before the US Senate on Wednesday. Ahead of the US Fed chief's testimonial before the US Congress, some US Fed officials have dropped a hint that the US Fed chief may talk hawkish in the US Senate. This has triggered fresh buying in the currency and US bond market."

Gold price outlook

On strategy for gold investors, Sugandha Sachdeva, Founder of WealthWave Insights said, "The overall price set-up suggests that intermittent corrections may occur, but they are likely to attract buying interest. Gold price has established strong support around the 61,800 per 10 gm mark and appears poised to advance towards the 64,200 per 10 gm mark in the near term. Similarly, the silver rate today has formed a solid base near the 70,500 per kg mark and is anticipated to trend higher towards the 73,300 to 74,000 per kg levels in the coming days."

Also Read: Adani Ports share price hits record high as cargo volumes surge 33% in February

Advising a buy-on-dips strategy to gold investors, Deveya Gaglani, Research Analyst - Commodities at Axis Securities said, " The overall trend is bullish for prices. Investors will keep an eye on non-farm payroll data, which is due this week, to confirm the bullish breakout. We recommend Buy-on dips in Gold as long as the 63000 level is intact on the downside."

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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

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.
More Less
Published: 04 Mar 2024, 10:55 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App