Gold price retraces ₹800 from life-time high. Good opportunity to buy?
Gold rate today: On account of the rising US dollar rate against the major global currencies, gold prices witnessed profit-booking after touching a new all-time high of ₹66,356 per 10 gm on the Multi Commodity Exchange (MCX). Gold futures contract on MCX for April 2024 expiry ended at ₹65,545 per 10 gm level on Friday last week, logging more than ₹800 dip against the new peak.
According to commodity market experts, this dip in the yellow metal is mere profit booking, which was triggered after the rise in the US dollar. They said that the US dollar gained support from hotter-than-expected US CPI data and PPI print.
They said that MCX gold rate today is in the ₹64,300 to ₹66,000 range and a bullish or bearish trend can be assumed on the breakage of either side of the range. However, they advised gold investors to maintain a 'buy or dips' strategy on every 2 percent to 3 percent dip from current levels.
Speaking on the reasons that paused the gold price rally, Sugandha Sachdeva, Founder of SS WealthStreet (Formerly WealthWave Insights) said, "Following a surge that brought gold prices to record highs of close to the $2200 per ounce mark, the past week witnessed a phase of profit booking and consolidation. The resurgence of the US dollar index to a one-week high, fuelled by hotter-than-expected US CPI and PPI prints for February, tempered expectations of an imminent rate cut.
Read more on livemint.com
