Gold price today: Rates ease in sync with global cues; what should be your strategy for MCX Gold today?
US Federal Reserve showed that the US central bank would proceed "carefully and only raise interest rates if progress in controlling inflation faltered". Gold eased below the key $2,000 level on Wednesday in international markets. Softer bond yields and the dollar capped the losses for the yellow metal.
The dollar stayed stable compared to other currencies after falling to its lowest point in over two months in the previous session. Meanwhile, the yields on the benchmark US 10-year treasury bonds remained close to their lowest level in two months. When the dollar is weaker, it makes gold less costly for people using other currencies.
MCX Gold traded 0.17 per cent lower at ₹61,118 per 10 grams around 10:15 am. Also Read: Titan share price extends gains on CCI approval for additional stake acquisition in CaratLane (Exciting news! Mint is now on WhatsApp Channels. Subscribe today and stay updated with the latest financial insights! Click here!) Experts expect the yellow metal to experience some volatility in today's session.
Rahul Kalantri, VP of commodities at Mehta Equities expects gold and silver prices to remain volatile today. Read More: Suzlon Energy share price hits 5% lower circuit for second straight day, down about 12% in 3 days "Gold has support at $1,981-1,968, with resistance at $2,008-2,021. Silver has support at $23.55-23.40 and resistance at $24.10-23.25.
In the Indian rupee terms, gold has support at ₹60,980-60,760, and resistance at ₹61,380, 61,510. Silver has support at ₹72,250-70,880, with resistance at ₹73,870, 74,430," said Kalantri. Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week ahead of the US manufacturing PMI data.
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