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Business News/ Markets / Commodities/  Gold rate today at 4-month high on MCX; Israel-Gaza war fears give way to US Fed's rate pause hint, fall in US dollar
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Gold rate today at 4-month high on MCX; Israel-Gaza war fears give way to US Fed's rate pause hint, fall in US dollar

Gold rate today is facing resistance at $1,980 levels and on breaching this hurdle, the yellow metal price may hit $2,010 and $20,25 per ounce levels, say experts

MCX gold rate today has crucial support at ₹59,300 per 10 gm levels whereas in international market gold price has support placed at $1,945 levels, say market experts. (Photo: Courtesy Senco Gold Ltd website)Premium
MCX gold rate today has crucial support at 59,300 per 10 gm levels whereas in international market gold price has support placed at $1,945 levels, say market experts. (Photo: Courtesy Senco Gold Ltd website)

Gold rate today: On account of dip in the US dollar after US Fed chairman Jerome Powerll hinting rate pause, gold price today ascended to four-month high on Multi Commodity Exchange (MCX). MCX gold rate for December 2023 expirty today opened higher at 60,401 per 10 gm levels and went on to hit intraday high of 60,615 levels. In international market, spot price is oscillating around $1,976 per ounce levels, close to its nearest hurdle of $1,980 levels.

Likewise, silver rate today opened higher at 71,995 per kg and went on to hit intraday high of 72,164 levels within few minutes of commodity market's opening bell today. In international market, siler price today is oscillating around $22.90 per ounce levels.

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US Fed news in focus

Speaking on the reasons that has fueled gold price today, Anuj Gupta, Head — Commodity & Currency at HDFC Securities said, “Gold prices are rising after the rate pause hint dropped by the US Fed Chairman Jerome Powell. US Fed chief's dovish stance on interest rate ghike has paused US dollar rally, which triggered the gold price rally. Today gold price has ascended to five month high."

Israel war under lens

On US president Joe Biden visiting Israel and its impact on gold prices, Anuj Gupta added, “Israel war has subsided after Joe Biden's visit and ceasefire announcement in south Gaza. It's US Fed's rate puse hint, which has spurt demand for the yellow metal."

US dollar to INR

“We expect Rupee to trade with a slight positive bias as diplomatic efforts to contain the conflict in the Middle East may boost global risk sentiments. Softening of the US Dollar may further support the domestic currency. However, surge in global crude oil prices may cap the upside. Any further escalation in geopolitical tensions in the Middle East may weigh on Rupee at higher levels. Traders may take cues from housing market data and Beige Book from US. USDINR spot price is expected to trade in a range of 82.90 to 83.60," said Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas.

Important levels to watch

On important levels to look, Anuj Gupta of HDFC Securities said, “Gold price in international market is facing crucial hurdle at $1,980 per ounce levels whereas it facing crucial support at $1,945 to $1,950 levels. On MCX, gold prices are facing hurdle at 60,500 per 10 gm levels and on breadching this hurdle, it may go up to 61,200 and 61,800 per 10 gm levels. On downside, gold price is having crucial support at 59,250 to 59,300 per 10 gm levels."

Anuj Gupta said that siler price in spot market is oscillating in $22.50 to $24 per ounce levels. On MCX, silver price has support placed at 71,000 whereas on higher side, it is facing hurdlle at 73,000 and 76,000 per kg levels.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking 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: 20 Oct 2023, 10:27 AM IST
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