Gold rate today, 4th March 2024: Gold price retraces from 3-month high on hawkish US Fed rate buzz. Opportunity to buy?

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₹63,401 per 10 gm level but attracted buying at lower levels and climbed to an intraday high of ₹63,502 per 10 gm. In the international market, spot gold price is oscillating around $2,080 per ounce level. According to commodity market experts, the gold rate today is under the sell-off heat after the media reports about the US Fed chief Jerome Powell talking hawkish while testifying in the US Senate this week.

They said that the hawkish UIS Fed rate buzz has triggered fresh buying in the US bond and currency market. Also Read: Stocks to buy: 10 stocks that can jump 5-23% in the next 3-4 weeks On trigger for the decline in gold price today, Anuj Gupta, Head — Commodity & Currency at HDFC Securities said, "Last week, we saw a strong upside in gold price after the ease in US inflation, which triggered US Fed rate cut buzz in upcoming US Fed meeting. This pushed gold prices to a nine-week high in the domestic market and a three-month high in the international market.

However, the focus has now shifted towards the US Fed chief Jerome Powell's testimony before the US Senate on Wednesday. Ahead of the US Fed chief's testimonial before the US Congress, some US Fed officials have dropped a hint that the US Fed chief may talk hawkish in the US Senate. This has triggered fresh buying in the currency and US bond market." On strategy for gold investors, Sugandha Sachdeva, Founder of WealthWave Insights said, "The overall price set-up suggests that intermittent corrections may occur, but they are likely to attract buying interest.