Gold price rallies on Israel-Hamas war, weak US dollar, US Fed rate pause buzz
Gold rate today: On account of rising tension in the Middle East region on Israel-Hamas war, US Fed's hint for a possible rate pause in upcoming US Fed meeting in November 2023 and slide in US dollar aided gold price to continue its rally and climb to around four month high on Multi Commodity Exchange (MCX). MCX gold rate logged weekly gain of 2.15 per cent and ended at ₹60,725 per 10 gm levels.
In international market, spot fold price registered 2.49 per cent weekly gain in the week gone by and finished at $1,980.90 per ounce levels. Likewise, MCX silver rates scaled 2.07 per cent last week and finished at ₹72,915 per kg levels.
MCX silver price ascended ₹1,299 on Friday session. In international market, silver price registered weekly gain to the tune of around 22.97 per cent.
Tata Technologies IPO: Latest GMP, expected price, date, other details "After US Fed chief Jerome Powell's hint to keep interest rates unchanged, US dollar has been uncer pressure and US dollar index has come down towards 106 levels after inching close to 107 levels in early last week. so, both US Fed rate pause buzz and US dollar losing sheen against major global currencies have provided support to gold price rally," said Anuj Gupta, Head — Commodity & Currency at HDFC Securities.
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