Gold rate today under pressure after US Fed's hawkish rate pause. Buy or wait for mode correction?
Gold rate today: Despite rate pause decision in US Fed's meeting on Wednesday, gold price today is under sell off pressure. Gold future contract for October 2023 expiry on Multi Commodity Exchange (MCX), opened lower at ₹59,315 per 10 gm levels and went on to hit intraday low of ₹59,004 levels within few minutes of commodity market's opening bell today.
In international market, gold price is oscillating around $1,928 per ounce levels. Likewise, silver rate today opened lower at ₹72,970 per kg levels on MCX and went further down and hit intraday low of ₹72,195 levels in few minutes of the market's opening bell.
In international market, silver rate today is oscillating around $23.16 per ounce levels. Speaking on the reasons that dragged down gold prices today, Amit Sajeja, Vice President — Research at Motilal Oswal said, “Gold rates today are under sell off heat after hawkish rate pause decision at US Fed meeting on Wednesday.
On one hand, the US central bank kept interest rates unchanged while on the other hand it raise media interest rates from 4.60 per cent to 5.10 per cent, which is an signal that there won't be rate cut in coming years after its meetings in November and December this year." Amit Sajeja of Motilal Oswal said that global gold ETF market is also not giving positive signal for the gold prices in near term. He said that people are booking profit in gold ETF market and hence gold prices are under pressure and the trend is expected to remain the same in short to medium term.
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