Gold price jumps 6% this month. Should you buy as MCX gold rate dips ₹1000 from record high?
Gold rate today: On account of three interest rate cuts in 2024 by the US Federal Reserve, gold price on the Multi Commodity Exchange (MCX) touched a new high of ₹66,943 per 10 gm last week. However, profit-boking soon triggered and the yellow metal price retraced more than ₹1,000 per gm and ended at ₹65,870 level on Friday. After ending below the ₹66,000 mark, the MCX gold rate logged a 5.30 percent rise in MTD time whereas spot gold price ascended to the tune of 6 percent in the international market.
According to commodity market experts, gold prices have retraced from recent highs due to the profit-booking. The yellow metal still possesses some steam and it may soon touch the ₹67,500 mark on MCX. In the international market, they predicted a $2,230 per ounce level for the precious yellow metal.
Likewise, they predicted MCX silver rates to touch ₹78,000 per kg level whereas $28 per ounce in the international market. Expecting a bounce back in gold prices, Shashank Pal, Chief Business Officer at PL Wealth Management said, "I believe gold prices will maintain their strength throughout 2024. The much-anticipated US Fed rate cuts are expected to inject further momentum into gold prices.
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