Gold rate today at nine-week high on US Fed rate cut buzz, ease in US dollar rate

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Gold rate today: On account of easing US inflation data igniting the US Fed rate cut buzz, gold prices witnessed strong upside movement in the week gone by. The yellow metal gained on second week in a row as the potential rate cut buzz in the upcoming US Fed meeting triggered profit-booking in the currency market, which led to ease in the US dollar rate.

Gold futures contract on the Multi Commodity Exchange (MCX) ended at ₹63,600 per 10 gm level whereas the spot gold price finished at $2,082 per ounce level. Speaking on the reasons that fueled the gold price rally last week, Anuj Gupta, Head — Commodity & Currency at HDFC Securities said, "Gold attracted investors' attention after better-than-expected US inflation print, which triggered profit-booking in the currency market as the outlook for the US dollar turned weak.

The US dollar index came below the 104 level and ended at the 103.89 mark on Friday, logging an intraday loss of 0.26 percent. Ease in the US inflation data has provided fodder to the US Fed rate cut buzz as the market is expecting a potential rate cut in the upcoming US Fed meeting." Also Read: Buy or sell: Sumeet Bagadia recommends three stocks to buy today — March 2 On key factors that played an instrumental role in gold price appreciation, Sugandha Sachdeva, Founder of WealthWave Insights said, "Gold prices surged for the second consecutive week, reaching a nine-week high and marking gains of around 2 percent.

This upward trajectory was primarily propelled by several key factors influencing market sentiment. One significant driver was the release of easing US inflation data, which ignited expectations of potential rate cuts by the US Fed in June.