Gold rate today at 4-month high on MCX; Israel-Gaza war fears give way to US Fed's rate pause hint, fall in US dollar
Gold rate today: On account of dip in the US dollar after US Fed chairman Jerome Powerll hinting rate pause, gold price today ascended to fice month high on Multi Commodity Exchange (MCX). MCX gold rate for December 2023 expirty today opened higher at ₹60,401 per 10 gm levels and went on to hit intraday high of ₹60,615 levels. In international market, sport fold price is oscillating around $1,976 per ounce levels, close to its nearest hurdle of $1,980 levels.
Likewise, silver rate today opened higher at ₹71,995 per kg and went on to hit intraday high of ₹72,164 levels within few minutes of commodity market's opening bell today. In international market, siler price today is oscillating around $22.90 per ounce levels. Dividend stocks: HCL Tech, Dalmia Bharat, 3 others to trade ex-dividend today Speaking on the reasons that has fueled gold price today, Anuj Gupta, Head — Commodity & Currency at HDFC Securities said, “Gold prices are rising after the rate pause hint dropped by the US Fed Chairman Jerome Powell.
US Fed chief's dovish stance on interest rate ghike has paused US dollar rally, which triggered the gold price rally. Today gold price has ascended to five month high." On US president Joe Biden visiting Israel and its impact on gold prices, Anuj Gupta added, “Israel war has subsided after Joe Biden's visit and ceasefire announcement in south Gaza. It's US Fed's rate puse hint, which has spurt demand for the yellow metal." “We expect Rupee to trade with a slight positive bias as diplomatic efforts to contain the conflict in the Middle East may boost global risk sentiments.
Softening of the US Dollar may further support the domestic currency. However, surge in global crude oil prices may cap the upside. Any further
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