Gold rate today ₹1500 away from lifetime high. Will it climb to a new peak?

livemint.com:

Gold rate today: In the first week of the new year 2024, spot gold price remained at $2,010 to $2,080 per ounce whereas on Multi Commodity Exchange (MCX), the precious yellow metal traded in ₹62,250 to ₹63,500 per 10 gm range. The gold futures contract for February 2024 expiry on MCX finished at ₹62,579 per 10 gm level, around ₹1,500 away from its lifetime high of ₹64,064 per 10 gm.

However, commodity market experts believe that the MCX gold rate may bounce back as it is close to its support levels, and buying interest at lower levels is widely expected due to selling pressure in the US dollar. According to commodity market experts, US Fed meeting minutes released last week eased the inflation pressure but the timeline for the US Fed rate cut remained elusive.

So, the focus has now shifted towards fresh triggers taking place next week. These triggers include US Consumer Price Index (CPI) data and the movement in the US dollar.

They advised gold investors to remain vigilant about the US CPI data. Experts further added that one can maintain a 'buy on dips' strategy ahead of the US CPI data release, expecting a bounce back from current support of $2,010 level in the international market and ₹62,250 per 10 gm level on MCX.

Also Read: Tata Steel Q3 update: Crude steel production stood at 5.32 million tons, up 6% Speaking on gold price movement in the week gone by, Sugandha Sachdeva, Founder at WealthWave Insights said, "The first week of the year saw gold prices navigating in a broad range, while the metal shed some of the recent gains to close lower by 0.97 percent. The key highlight of the week was the minutes of the last Fed meeting revealing a collective sentiment among policymakers that inflation remains effectively