Gold rate today at three-week high on US Fed rate cut buzz. Buy or wait?

livemint.com:

Gold rate today: On account of US dollar hitting five-months low and US Fed rate cut buzz in 2024, gold price in spot market touched three-week high during morning deals in Asian stock markets. Spot gold price today opened at $2,077 per ounce levels and went on to touch intraday high of $2,088 levels and hit three-week high. In domestic market, gold future contract on Multi Commodity Exchange (MCX) for February 2024 expiry opened at ₹63,728 per 10 gm levels and went on to hit intraday high of ₹63,821 levels.

Likewise, silver rate today on MCX opened higher at ₹75,743 per kg levels but witnessed profit booking and hit intraday low of ₹75,401 per kg levels within few minutes of commodity market's opening bell. In international market, silver price today opened at $24.25 per ounce levels and went on to touch intraday high of $24.48 levels. The white metal's intraday low in spot market is its opening price of $24.25 per ounce.

Also Read: HUDCO share price hits record high after signing ₹14,500 crore MoU On triggers that fueled gold price today at three-week high, Deveya Gaglani, Research Analyst - Commodities at Axis Securities said, "We are witnessing the Santa Claus rally in gold rate today. Gold prices rallied by more than 1 per cent on Wednesday, making a new multi-week high of ₹63,600 per 10 gm. In Comex, gold rices managed to breach the strong resistance zone of the $2,070 level, and they settled near the $2,080 level, which is a positive sign.