Gold rate today under pressure amid US Fed rate hike buzz at Jackson Hole meeting
Gold rate today: On account of US dollar gaining strength and US dollar index climbing up to 11-week high of 104.25 levels, gold prices in international and domestic market continue to trade flat. Gold future contract on Multi Commodity Exchange (MCX) for October 2023 expiry opened lower at ₹58,743 per 10 gm levels and went on to hit intraday low of ₹58,696 levels.
In international spot market, gold price today is down by near 0.15 per cent and it is reeling around $1,915 per ounce levels. Likewise, silver rates today opened lower at ₹73,317 per kg levels on MCX and went on to hit intraday low of ₹73,281 levels.
In international market, silver price is oscillating around $24 per ounce levels, logging an intraday loss of near 0.30 per cent during morning deals in Asian stock market on Friday. On why gold and silver prices are under pressure, Anuj Gupta, Head - Commodity & Currency Research at HDFC Securities said, “Bullion prices are under pressure due to US Fed rate hike buzz.
Market is expecting that Jerome Powell may announce 25 bps rate hike in his speech at Jackson Hole Symposium. This has lifted US Dollar Index at 11-week high, which has put other assets under pressure." Expecting rebound in gold prices, Deveya Gaglani, Research Analyst - Commodities at Axis Securities said, “Gold price on MCX are able to sustain above the immediate zone of ₹58,600 level, which is a positive sign for gold rate today.
It has broken the 5-day trading range, which is a bullish sign for the precious yellow metal. Additionally, it closed above 9 EMA on the daily chart, and the momentum indicator RSI is also trading above its reference line, which is a positive sign for prices." On important levels in regard to gold rates today, Anuj
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