Gold rate today skids as US, Egypt, Israel announce ceasfire in south Gaza
Gold rate today: Amid ease in Middle East tension after announcement of ceasefire in south Gaza by US, Egypt and Israel, gold price rally took a pause during morning deals and opened lower at ₹59,209 per 10 gm levels. Gold price drifted further down after weak opening and hit intraday low of ₹58,944 levels.
In international market, gold price is sustaining above $1,900 per ounce levels as well. According to commodity market experts, gold prices are under pressure today as tension in Middle East has eased after announcement of ceasefire in south Gaza by US, Egypt and Israel.
They said that recent rise in gold prices were mainly due to Israel-Hamas war. They said that gold price on MCX has immediate support at ₹58,750 to ₹58,700 levels whereas it is facing hurdle at ₹59,500 levels.
On breaching the lower levels, gold price will find support at ₹58,250 to ₹58,300 levels on MCX and at $1,880 levels in international market. Rupee rises 2 paise to 83.24 against the US dollar On reasons that fueled gold price recently, VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “Concerns regarding the spread of the Israel-Palestine conflict have triggered the sharp spike in Brent crude to above $90 and safe-haven buying has pushed gold to above $1900.
The anxiety of the market is reflected in the CBOE VIX spiking above 19. From the geopolitical perspective, we are in uncharted territory and, therefore, prudence demands that investors remain cautious." On reasons for dip in gold price today, Anuj Gupta, Head — Commodity & Currency at HDFC Securities said, “Gold prices are under pressure today as there is ease in Middle East tension after announcement of ceasefire in South Gaza by the US, Egypt and Israel."
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