Gold rate today under pressure as rupee hits four-month high. Opportunity to buy?

livemint.com:

Gold rate today: Despite swift recovery from the one-month low, gold price ended 0.30 per cent lower in the week gone by. The gold futures contract for February 2024 expiry on Multi Commodity Exchange (MCX) finished at ₹62,390 per 10 gm level on Friday, logging a marginal intraday gain of ₹28 per 10 gm. In the international market, spot gold price closed at $2,048 per ounce level.

Silver price on MCX finished at 72,573 per kg level whereas in the international market, the precious white metal ended at 23.18 per ounce level. According to commodity market experts, pressure in bullions was caused by lower domestic demand due to the month of Kharmas and a rise in the Indian National Rupee against the US dollar (USD). They said that the Indian rupee has ascended to a four-month high, which is putting pressure on the MCX gold rate in the domestic market.

In the international market, the US CPI data came higher signaling a rise in demand for the yellow metal. However, softer Indian inflation data may continue to lend support to the Indian rupee against the US dollar. They said that the yellow metal may continue to trade range-bound in the $2,010 to $2,080 per ounce range in the spot market whereas on MCX, the precious bullion may continue to trade in ₹62,200 to ₹63,500 per 10 gm range.