Gold rate today at three week high as US dollar hits fifteen month low. Buy or wait?
US Federal Reserve in near term. In that case, selling in the US dollar triggered buying interest in gold prices. Gold future contract for August 2023 expiry on Multi Commodity Exchange (MCX) opened higher at ₹59,215 per 10 gm levels and went on to hit intraday high of ₹59,313 per 10 gm levels within few minutes of commodity market's opening bell today.
In international market, gold price today is oscillating around $1,960 per ounce levels. Likewise, silver rate today opened with an upside gap at ₹75,730 per kg and went on to hit intraday high of ₹75,899 per kg levels during early morning deals on MCX. In international market, silver prices are oscillating around $24.90 per ounce levels.
On why gold prices are in uptrend for last few sessions, Anuj Gupta, Vice President — research at IIFL Securities said, “After ease in US Fed rate hike tension, US dollar has been under selling pressure and it has now hit 15-month low. This could become possible after the US CPI data released last week. In US CPI date, US inflation was reported at two year low, which sparked the speculation that US Fed won't raise interest rates in near term." Anuj Gupta of IIFL Securities went on to add that US dollar index has slipped below 100 levels and it may go down towards 95 levels once it breaks below 98 mark.
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