Gold rate today: Following the easing geopolitical tension after the ceasefire news regarding the Israel-Hezbollah war, gold prices continue to witness selling pressure during early morning deals. MCX gold rate for the December 2024 future contract opened downside at ₹75,501 per 10 gm and touched an intraday low of ₹75,444 within a few minutes of the Opening Bell. However, the precious yellow metal witnessed value buying and pared some early morning losses. At 10:23 AM, MCX's gold rate was at ₹75,523 per 10 gm mark, around ₹4,000, away from the lifetime high of ₹79,535.
According to commodity market experts, the gold price today is in range, and a bullish or bearish trend can be assumed on the breakage of either side of the current range. They said that the MCX gold rate today is in ₹75,500 to ₹76,700 per 10 gm range, whereas the spot gold price is$2,680 to $2,715 per troy ounce.
“Gold prices have eased from record higher levels after the news break of ceasefire in the Israel-Hezbollah war. This helped ease the geopolitical tension,” said Anuj Gupta, Head — Commodity & Currency at HDFC Securities.
Anuj Gupta of HDFC Securities said that investors are waiting for the US Fed meeting because Jerome Powell has signalled that the US Central Bank is not in a hurry to implement an aggressive rate cut.
Speaking on the outlook for the precious yellow metal, Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said, "While the broader bullish trend in gold remains intact, short-term uncertainty persists. At ₹75,900 on MCX, gold is slightly off its peak but significantly above the ₹67,500 low seen during the Budget week. Investors are advised to adopt a SIP or dip-accumulation strategy for better portfolio management, rather than attempting to time the market at current levels."
However, Anuj Gupta of HDFC Securities said that gold prices may remain range-bound during intraday trade as the US stock market is closed today.
“MCX gold rate today is in ₹75,500 to ₹76,700 per 10 gm range, whereas the spot gold price is in $2,680 to $2,715 per troy ounce. Bullish or bearish trend can be assumed on the breakage of either side of this range,” said Anuj Gupta of HDFC Securities.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
