Gold rate today at all-time high on US Fed rate cut bets. Buy, hold or book profit?
Gold rate today: On account of US Fed rate cut buzz after Jerome Powell's speech, gold price today ascended above $2,100 levels and hit a new life-time high of $2,146 per ounce levels in early morning session in Asian stock market. Gold rate today ascended to a new life-time peak in domestic market as well. Gold future contract for February 2024 expiry on Multi Commodity Exchange (MCX), opened upside and went on to hit new life-time high of ₹64,000 per 10 gm levels.
However, gold price retraced from new highs after profit booking trigger anc came below $2,100 levels after an hour of early morning trade. Also Read: At record high! Sensex jumps 1,100 points, Nifty over 300 points: 5 reasons why Silver rate today (March 2024 expiry) opened at ₹78,450 per kg levels on MCX and went on to hit intraday high of ₹78,549 per kg levels within few minutes of commodity market's opening bell today. In international market, silver price today is around $25.50 per ounce levels.
Also Read: Is the world’s most important asset market broken? Speaking on the reasons that fueled gold price to a new peak during Monday deals, Anuj Gupta, Head — Commodity & Currency at HDFC Securities said, "Gold prices are climbing in domestic and international market on US Fed rate cut bets. After Jerome Powell's speech, market is speculating interest rate cut by the US Federal REserve by March 2024. This is going to put pressure on bond yield and US dollar rates, which is already under pressure for the last one month." Also Read: PNB share price hits 52-week high.
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