Gold price rebounds ahead of US retail sales data. US Fed rate cut in focus

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₹71,575 per 10 gm and touched an intraday high of ₹71,692 within a few minutes of the opening bell. In the international market, COMEX gold price oscillated around $2,340 per troy ounce, whereas spot gold price quoted $2,325 per ounce.According to the commodity market experts, the gold price today is on the rise, driven by the anticipation of positive US retail sales data and a timeline from the US Fed members' speech on Tuesday.

They predict that gold prices will remain range-bound until the outcome of these significant events is public. In light of this, they advise investors to maintain a buy-on-dips strategy, as the MCX gold rate is currently in the ₹71,000 to ₹72,000 range, and the spot gold price is in the $2,310 to $2,340 per ounce range.

This strategy could potentially lead to profitable returns.Highlighting the reason for today's rise in gold prices, Anuj Gupta, Head of Commodity & Currency at HDFC Securities, said, "It's a relief rally after Monday's negative close. Today's gold price is expected to remain range-bound as investors are waiting for the US Fed members' speech.

The market is expecting a timeline for interest rate cuts as the US Fed has declared one rate cut in 2024 in the recently held FOMC meeting."On triggers that may dictate gold price Today, Praveen Singh, Associate VP — Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said, "Today's major US data on tap include retail sales advance (May) and industrial production (May). A softer-than-expected retail sales report may help the metal recoup some of its losses.

However, traders will pay attention to Fedspeak, too, as they want to assess the rigidity of the hawkish FOMC outcome. Quite a few speakers will go on air Today." He also