Gold price jumps 4% in one week on US Fed rate cut buzz. Opportunity to buy?

livemint.com:

Gold rate today: The record run in gold prices continued throughout this week as expectations of the US Fed rate cut gained momentum after Jerome Powell's testimony before the US Congress. Spot gold price settled at a record high on Friday after briefly topping the $2,200 mark.

On Multi Commodity Exchange (MCX), the gold rate finished at ₹66,019 per 10 gm mark, recording a weekly gain of ₹2,419 per 10 gm or nearly 4 percent appreciation in this time. Spot gold price finished at $2,179 per ounce level, logging around a 4.65 percent rise against the previous Friday's close of $2,082 per ounce level.

According to commodity market experts, gold prices rallied across bourses on US Fed rate cut buzz after Jerome Powell's testimony before the US Senate. However, concerns surrounding the global economic landscape, and rising geopolitical tension continue to drive demand for the precious metal.

On reasons that fueled the gold price record run, Sugandha Sachdeva, Founder of SS WealthStreet (Formerly WealthWave Insights) said, "The surge in gold prices to historic levels, reaching ₹66,356 per 10 gm, and gaining close to 4 percent for the week, reflects a combination of several factors driving demand for the precious metal. Concerns surrounding the global economic landscape, geopolitical uncertainties, and evolving expectations of earlier interest rate cuts have all contributed positively to gold prices." "On Friday, Comex gold price for April 2024 delivery touched the 2,200 level for the first time and climbed to a new peak of $2,202.35 per ounce after the rise in US unemployment data.