Gold price ₹544 away from life-time high. Will it climb a new peak?
Gold rate today: Amid buzz of US Fed interest rate pause and falling US dollar index, gold and silver price bounced back from lower levels and registered more than one per cent rise in the week gone by. On weekly basis, MCX gold rate ended 1.07 per cent higher at ₹61,370 per 10 gm levels whereas MCX silver rate finished 1.02 per cent higher at ₹73,915 per kg levels.
After ending at ₹61,370 levels, MCX gold rate is just ₹544 per 10 gm away from its life-time high of ₹61,914 per 10 gm, which the precious metal had touched on 16th November 2023. According to commodity market experts, outlook for gold and silver is positive as US dollar has been losing sheen on continuous basis.
They said that US dollar index has closed below 103.50 levels and it may go down to 100 levels once it breaches its immediate support placed at 103 levels. Experts advised investors to maintain their position and predicted fresh high for MCX gold rate once the precious metal breaches its immediate hurdle placed at $2,010 levels in international market.
Also Read: Infra financial institutions to garner ₹30,000 crore through bond sale: Report Speaking on recent gold price rally, market expert Sugandha Sachdeva said, "After testing record highs in the prior week, gold prices experienced some profit-taking at the start of the previous week, only to witness renewed buying interest at lower levels as the precious metal leaped higher for the second consecutive week, gaining by 1.07 per cent. Silver also marked an uptick and closed 1.02 per cent higher." Also Read: FPI holding in Indian stocks hit a 10-year low of 16.6% in November On reasons that fueled gold and silver price rally, Sugandha Sachdeva said, "The focal point of the week centered on the release
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