Gold price trades flat ahead of US Fed meeting. Should you buy as Middle East crisis escalates?
Gold rate today: On account of the first estimate of the US GDP data beating the market estimates and the upcoming US Fed meeting on 30th January 2024, gold prices continue to remain range-bound through the week. MCX gold rate ended marginally lower at ₹61,950 per 10 gm level while spot gold price finished at around $2,018 per ounce level. According to commodity market experts, higher-than-expected first estimates of the US GDP data have spoiled the yellow metal party despite the escalating Middle East crisis providing support to the precious metal.
However, they advised investors to remain vigilant about the US Fed commentary and the possible rate cut signal. Experts maintained that the market is expecting a rate cut in March 2024 due to stronger US economic data. Also Read: Q3 results today: Yes Bank, Macrotech Developers, APL Apollo Tubes& more They said that the gold rate today is in the $2,000 to $2,050 per ounce range in the international market whereas on the MCX, the yellow metal is trading in ₹61,500 to ₹62,500 per 10 gm range.
In case of any US Fed rate cut signal, spot gold price may go up to $2,080 to $2,100 levels whereas MCX gold rate may touch ₹63,000 and ₹63,500 levels in the near term. On why gold price is trading range-bound despite escalating tension in the Middle East, Sugandha Sachdeva, Founder of WealthWave Insights said, "Gold prices closed marginally lower while oscillating in a narrow band during the week. The escalating tensions in the Middle East provided a floor to prices at lower levels and underpinned its safe-haven demand.
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