Gold rate today, Feb 24: Gold price jumps on softening US dollar, Middle East crisis
Gold rate today, 24th February 2024: After losing for two straight weeks, gold prices finally logged a modest 0.75 percent gain in the week gone by. Gold futures contract on the Multi Commodity Exchange (MCX) for April 2024 expiry finished at ₹62,325 per 10 gm level on Friday.
In the international market, spot gold price ended at 2,035 per ounce levels, logging an impressive 2.15 percent rise from its two-month low of ₹1,992 levels that it had touched at the end of the first fortnight of February. According to commodity market experts, gold prices are finding support from the softening US dollar and the Middle East crisis.
They said that the US Fed minutes released last week didn't signal any timeline for interest rate cuts and re-iterated the challenge of achieving the target of a 2 percent inflation rate. Hence, gold prices are expected to remain sideways.
However, they maintained that geopolitical tension and the US dollar rate would continue to dictate the yellow metal rally. Also Read: OpenAI CEO Sam Altman is set to make a ‘killing’ from Reddit IPO On triggers that fueled gold price rebound from a two-month low, Sugandha Sachdeva, Founder of WealthWave Insights said, "Gold prices experienced a period of consolidation, closing the week with a modest uptick of around 0.75 percent following two weeks of consecutive declines.
Prices have managed to find support at ₹61,800 per 10 gm or $2,010 per ounce mark and edged higher amid some softening of the dollar index from a three-month peak. Additionally, ongoing geopolitical tensions in the Middle East contributed to gold's allure as a safe haven asset." Also Read: US Markets Wrap: S&P 500 Hits 5,100 Milestone to Extend Winning Run On triggers that may dictate gold price
. Read more on livemint.com
