Gold price jumps ahead of US GDP data release, silver rate rebounds after retracing from record high
₹72,320 per 10 gm mark. Today, COMEX gold prices oscillate around $2,358 per troy ounce in the international market. This trend is in line with the recent upward movement in gold prices, which have been on a steady rise since [specific date].
Likewise, the silver rate today bounced back strongly after retracing from its lifetime high of ₹96,220 per kg mark. According to commodity market experts, gold and silver prices are ascending due to weakness in the US dollar rate. They said that the US GDP and core PCE data are coming on Thursday.
They said the market expects flat data, which is positive for the bullion market.On reasons fueling gold prices today, Anuj Gupta, Head of Commodity & Currency at HDFC Securities, said, "Gold and silver prices are appreciating due to the weak US dollar. The US dollar index has come below the 105 mark, lending support to lower prices of gold and silver at lower levels. Apart from this, US GDP data is expected on Thursday.
The market expects flat US GDP data on Thursday, which may spark buzz about the US Fed rate cut. The core PCE data is also expected flat on Thursday."Pointing towards the speculation of a US Fed rate cut, Kaynat Chainwala, Senior Manager of Commodity Research at Kotak Securities, said, "On Tuesday, Federal Reserve Bank of Minneapolis President Neel Kashkari said the US central bank's policy stance is restrictive, but policymakers haven't entirely ruled out additional interest-rate increases. Now the focus is on the PCE price index data, which is expected to rise 0.2% m/m in April, the smallest advance this year.
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