MCX gold rate today: Gold price above ₹66,000 as focus shifts to US CPI data. What experts say on risk-reward set-up?
Gold rate today: Gold price on the Multi Commodity Exchange (MCX) is trading flat in the early morning session as investors are awaiting the release of the US CPI data this week. MCX gold rate today opened flat at ₹66,023 and went on to touch an intraday high of ₹66,049 per 10 gm level. However, the precious yellow metal soon came under selling pressure slipped below the ₹66,000 mark, and made an intraday low of ₹65,938 per 10 gm.
In the international market, spot gold price oscillates around $2,177 per ounce range. According to the commodity market experts, the disappointing US job data has put a dent in the US Fed rate cut buzz. They said that the focus has now shifted to the US CPI date that will be released on 12th March 2024.
On why the gold rate today is trading flat, Anuj Gupta, Head — Commodity & Currency at HDFC Securities said, "The US Fed rate cut buzz received a hit after the disappointing US job data last week. Now, investors are waiting for the US CPI inflation rate for February 2024, which will be released on Tuesday this week. Any positive outcome in the February US inflation data will be supportive of the gold price appreciation.
However, in case the US CPI data becomes disappointing, then in that case, the US Fed will come under pressure to continue with higher interest rates. So, US CPI data will be the biggest trigger for gold price movement in the next two days." Anuj Gupta of HDFC Securities said that gold prices have ascended to an alarming level where the physical market has cut down their premium. "Gold rate today in Delhi's retail bullion market is around ₹66,000 per 10 gm, which is in sync with the MCX gold rate.
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