Gold rate today: On account of no rate cut signal in the US Fed meeting, gold price today witnessing some selling pressure ahead of the Union Budget 2024 date. Gold future contract on Multi Commodity Exchange (MCX) for February 2024 expiry opened lower at ₹62,880 per 10 gm level and touched an intraday low of ₹62,800 within a few minutes of the commodity market’s opening bell on Thursday. In the international market, spot gold price is currently oscillating around ,045 per ounce level.
US Fed meeting outcome
On why gold price is under pressure today, Anuj Gupta, Head — Commodity & Currency at HDFC Securities said, “Gold rate today is under pressure on MCX as the US central bank has not hinted any rate cut timeline in the US Fed meeting.
So, the focus has now shifted towards the Middle East crisis. Now, most of the economic date is expected to be dictated by the developments around the Red Sea crisis.”
Budget 2024 in focus
Advising gold and other bullion investors to remain vigilant about the Union Budget 2024, Deveya Gaglani, Research Analyst – Commodities at Axis Securities said, “Today, we have the Interim Budget, which may act as a catalyst for Gold prices in the domestic market. As the gems and jewelry industry expects an import duty cut from 15 percent to 5 percent, it may drag prices lower. We advise investors to be cautious and watchful ahead of the budget and avoid heavy positions for the day.”
Expecting income for both bulls and bears in the current gold price movement, Anuj Gupta of HDFC Securities said, “Gold price on MCX is expected to remain in ₹62,300 to ₹63,000 per 10 gm range whereas spot gold price is expected to remain in $2,020 to $2,060 per ounce range. Bears can maintain sell on rise maintaining stop loss at ₹63,300 whereas bulls can maintain buy on dips maintaining stop loss at ₹62,000 per 10 gm level.”
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Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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