Gold price extends rally for fourth straight session as US dollar index slips in two digits
Gold rate today: Extending the bull run for fourth straight session, gold price today opened higher across global market. Gold future contract on Multi Commodity Exchange (MCX) opened at ₹59,264 per 10 gm and went on to hit intraday high of ₹59,308 levels within few minutes of commodity market's opening bell today.
In international market, gold price today is oscillating around $1,960 per ounce levels. Likewise, silver rate today opened higher at ₹75,480 per kg levels and went on to hit intraday high of ₹75,480 levels within few minutes of market opening.
In international market, silver price is oscillating around $24.85 per ounce levels. On why gold and silver prices are rising, Amit Sajeja, Vice President — Research at Motilal Oswal said, “Gold prices are continuously rising due to ease in the US inflation putting end to the speculations about US Fed rate hike.
On Wednesday, US CPI data was released in which the US inflation hit two year low. This has led to depreciation in the US dollar index and the US dollar hit 15-month low." Motilal Oswal expert went on to add that in near term gold pries are expected to remain in uptrend and any dip should be seen as buying opportunity by bullion investors.
Expecting the weakness in US dollar to further continue, Anuj Gupta, Vice President — Research at IIFL Securities said, “US dollar index has slipped below 100 levels and it has immediate support placed at 98 levels. Once it breaches this support, the US dollar index may go down towards 95 levels in near term." On how it will work on gold price movement, Anuj Gupta of IIFL Securities said, “Weakness in the US dollar will support gold and other bullion metals and hence one should hold their position and keep on accumulating on
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