Gold, silver price jumps ahead of US Fed meeting minutes release. Should you buy in this rally?

livemint.com:

Gold rate today: On account of nosediving US bond yield and US dollar index, gold price today opened upside at ₹60,719 per 10 gm levels on Multi Commodity Exchange (MCX). MCX gold rate further extended its morning gains and went on to hit intraday high of ₹60,774 per 10 gm levels within few minutes of commodity market's opening bell today. In international market, spot gold price is oscillating around $1,982 per ounce levels.

Also Read: Tata Investment share price jumps over 15% ahead of Tata Technologies IPO Silver rate today opened downside at ₹72,997 and went on to touch intraday low of ₹72,905 per kg levels on MCX. However, the white metal gained upside momentum and registered strong recovery from lower levels within an hour of commodity market's opening bell deals. Silver price on MCX soon entered the positive territory and touched intraday high of ₹73,310 per kg levels.

In international market, silver rate today is around $23.75 per ounce levels. Also Read: RBI joins central bank gold rush, buys 9 tonnes in Jul-Sep According to commodity market experts, gold and silver prices are volatile as minutes of the US Fed meeting held from 31st October to 1st November will be released this week. In that US Fed meeting, US Fed continued its rate pause stance that triggered profit booking in US dollar and US treasury yield.

After the US Fed meeting, 140-year US bond yield has slipped from 5 per cent to 4.45 per cent whereas US dollar index has hit 11-month low. Market experts said that MCX gold rate today is in ₹60,300 to ₹61,200 per 10 gm range whereas spot gold price is in $1,960 to $2,000 levels. They said that silver rate today is in ₹71,000 to ₹75,000 range on MCX whereas spot silver rate today is in $23 to $24.50 per