Gold prices rise for sixth week on rising Iran-Israel war fears. US Fed rate, US dollar price in focus
Gold rate today: Amid rising geo-political tension in the Middle East region on the rising fears of the Iran-Israel war, gold prices continue to scale high for the sixth week in a row. Interestingly, gold and silver prices have risen on the safe-haven demand despite rising US dollar rates. As gold and silver rates today are surging, the US dollar index is also scaling northward.
The US dollar price has risen to a 5-month high and the US dollar index has managed to sustain above 106 levels. According to commodity market experts, the gold rate today is on an uptrend due to the rising geo-political risk in the Middle East after the alleged reports of Israel's drone airstrike in Iran. They said that the Iran-Iraq war fear has fueled demand for the haven offsetting the headwinds due to rising US dollar rates.
Experts maintained that the gold rate today crucial support placed at ₹72,300 to ₹72,270 levels whereas the broader range for the MCX gold rate today is ₹72,300 to ₹73,300 per 10 gm. They also maintained that the gold rate today is in the small range of $2,380 to $2,420 whereas the broader range is $2,350 to $2m450 per ounce range. Speaking on the reason for the rise in gold price today, Sugandha Sachdeva, Founder of SS WealthStreet said, "Gold prices have continued their relentless upside move for the sixth consecutive week in a row, hovering close to record highs.
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