Gold rate today, 5th March 2024: Gold price retraces from life-time high. Should you buy in this correction?
Gold rate today, 5th March 2024: Ahead of the US Fed chief's testimony before the US Congress this week, gold price on the Multi Commodity Exchange (MCX) touched a new lifetime high of ₹64,575 per 10 gm on Monday. However, the MCX gold rate today witnessed some selling pressure during morning deals. Gold futures contract on the MCX for April 2024 expiry opened lower at ₹64,331 per 10 gm level, which is its intraday low as well.
Gold rate today witnessed some buying interest at the lower levels and went on to touch an intraday high of ₹64,388 per 10 gm. In the international market, spot gold price is oscillating around $2,113 per ounce level. According to commodity market experts, gold prices witnessed upside movement ahead of the US Fed chief Jerome Powell's testimony before the US Senate on Wednesday this week.
However, gold prices found support as the US job data, non-farm payroll data, etc. are expected on Thursday and Friday. They said that the market is expecting disappointing US data coming on Thursday and Friday.
That's why gold prices are ascending despite some US Fed officials's hint that Jerome Powell may talk hawkish during testimony before the US Senate this week. Also Read: Exicom Tele-Systems share price opens with 86.6% premium at ₹265 on NSE On triggers that fueled MCX gold rate at a record high on Monday, Anuj Gupta, Head — Commodity & Currency at HDFC Securities said, "Despite some US Fed officials dropping a hint that Jerome Powell may talk hawkish during testimony before the US Congress, MCX gold rate scaled to a new peak of ₹64,575 per 10 gm on Monday. This could happen on the buzz that US job data, non-pharm payroll data, etc.
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