Gold rates today at four-week high. Should you buy in this rally?
Gold rate today: On account of weak US economic indicators creating rate pause buzz by the US Fed in upcoming September meeting, gold prices witnessed sharp upside move in the later part of the week gone by. Gold future contract for the month of October 2023 on Multi Commodity Exchange (MCX) ended at 59,410 per 10 gm levels.
In international market, spot gold price ended at $1,939 per ounce levels. Likewise, silver prices on MCX for September expiry finished at ₹73,514 per kg levels whereas in the international spot market, silver rated ended at $24.16 per ounce levels.
According to commodity market experts, gold and silver prices have ascended due to US Ged rate paus buzz, which has been caused mainly by series of weak US economic indicators indicators. They said that both gold and silver prices are expected to remain in uptrend in near term and go up to ₹60,500 levels on MCX and at $1,980 per ounce levels in international spot market.
On reasons that fuelled gold price rally, Sugandha Sachdeva, Executive Director & Chief Strategist at Acme Investment Advisors said, "Gold prices witnessed a sharp upswing during the week and tested a four-week high. This rally can be attributed to a series of lackluster economic indicators from the US, igniting optimism among investors that the US Federal Reserve will maintain its current interest rate stance at the forthcoming September meeting.
The price of gold surged by close to 1.3%, signaling a renewed sense of strength." "As for the key data of the week, the second estimate of US Q2 GDP data was revised downwards to 2.1% on an annual basis, in contrast to the previous estimate of 2.4%. Concurrently, private sector ADP employment figures for August displayed softness, resulting in
. Read more on livemint.com
