Gold price today: Rates retrace from week high after better-than-expected US GDP data. Right time to buy?
Gold rate today: After hitting week highs during Thursday deals, gold prices witnessed profit booking trigger ahead of commodity market's closing bell. Gold future contract for August 2023 expiry on Multi Commodity Exchange (MCX) came close to ₹59,000 per 10 gm levels, erasing entire weekly gains. In international market, yellow metal price is currently oscillating around $1,951 per ounce levels whereas on MCX, gold price is around ₹59,200 per 10 gm levels.
Likewise, silver rate today is oscillating around ₹73,800 per kg levels on MCX whereas in international market, silver price today is around $24.20 per ounce levels (On Thursday morning, silver prices in international markets were above $25 levels). According to commodity market experts, gold and silver prices retraced from week highs after better-than-expected US GDP data and jobless claim data. They said that gold prices are currently in base building mode and the precious metal is oscillating in $1,935 to $1,985 per ounce range.
They said that after the upbeat US economic data gold prices are expected to remain under pressure in near term and it may further dip by $10 to $15 dollar in international market. However, they expected value buying at support levels. On why gold prices crashed on Thursday evening, Amit Sajeja, Vice President — Research at Motilal Oswal said, “Gold and silver rates today is under heat due to better-than-expected US GDP and other economic data.
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