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Business News/ Markets / Commodities/  Gold rate today 1300 away from record high after US Fed minutes. Buy or wait?

Gold rate today ₹1300 away from record high after US Fed minutes. Buy or wait?

  • Gold rate today opened higher on likely rate cut buzz after release of US Fed minutes on Wednesday

MCX gold rate today is in 62,400 to 63,200 per 10 gm range while spot gold price today is in $2,030 to $2,060 per ounce range.

Gold rate today: After rate cut hint in US Fed meeting minutes, gold price today opened higher on Multi Commodity Exchange (MCX) at 62,724 per 10 gm levels and went on to touch an intraday high of 62,771 per 10 gm within a few minutes of commodity market's opening bell today. While climbing to the intraday peak, the yellow metal price came close to the lifetime high of 64,065 levels. MCX gold rate today is around 1,300 away from the record high.

In the international market, gold rates today opened higher around $2,041.50 levels. Currently, spot gold price is oscillating around $2,045 per ounce levels after hitting an intraday high of $2,046.94 per ounce levels.

Silver rates today opened higher at 72,423 per kg levels and went on to touch an intraday high of 72,492 per kg levels on MCX. In the international market, the silver price is currently oscillating around $23 per ounce levels.

US job data in focus

Speaking on the rally in gold price today, Anuj Gupta, Head - Commodities & Currencies said, “Gold prices are higher today as the US Fed has affirmed rate cut in the near term. However, it has raised concern regarding the uncertainties around the inflation pressure. So, gold prices are likely to trade range-bound in the $2,030 to $2,060 range. Likewise, MCX gold rate may trade in 62,400 to 63,200 per 10 gm range."

Anuj Gupta of HDFC Securities advised gold investors to remain vigilant about the upcoming US job data on Thursday as it may provide more clarity on the US economy.

US Fed news

US Federal Reserve officials appeared increasingly convinced at their meeting last month that inflation was coming under control, with "upside risks" diminished and growing concern about the damage that "overly restrictive" monetary policy might do to the economy, according to minutes of the central bank's Dec. 12-13 policy meeting.As a result "almost all participants indicated that...a lower target range for the federal funds rate would be appropriate by the end of 2024," the minutes said, with "a number of participants" highlighting increased uncertainty about how long strict monetary policy would need to be maintained given the progress achieved on lowering inflation.

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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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