Gold rate today: Ahead of Jerome Powell's speech, gold price today opened flat but continued to linger around the record high. Spot gold price is oscillating around $2,660 per ounce ($10 away from a record high of $2,670), whereas the MCX gold rate today is oscillating around ₹75,345 per 10 gm ( ₹655 away from a record high of ₹76,000).
According to the commodity market experts, experts are awaiting Jerome Powell's speech as the market expects a concrete roadmap on the US Fed rate cut by the US Fed chief. They said the spot gold price today is in the range of $2,660 to $2,700 per ounce, whereas the MCX gold rate today ranges from ₹74,800 to ₹76,000 per 10 gm. However, they maintained that overall bias is positive and investors should see any big dip in gold prices as a buying opportunity.
On why the gold rate today is trading flat, Anuj Gupta, Head of Commodity & Currency at HDFC Securities, said, “The yellow metal is trading flat today as investors are waiting for the US Fed chief Jerome Powell's speech. They expect a roadmap from Jerome Powell regarding the US Fed rate cut. However, overall bias for the bullion metals is positive, and any bid dip in the yellow metal price should be seen as a buying opportunity by the investors.”
"A mild bounce from the U.S. dollar has managed to keep the gold price in check, however with markets still anticipating more aggressive cuts from the Fed between now and year-end, the risk appears to be to the upside for the gold market," said said Tim Waterer, chief market analyst at KCM Trade.
Advising gold investors to remain vigilant about the gold price movement, Anuj Gupta said, “Spot gold price has immediate support at $2,660 per ounce whereas it has crucial support at $2,620 per troy ounce. On the upper side, the precious metal is facing a hurdle at the $2,690 to $2,700 mark. On the MCX, the gold rate today has immediate support at ₹74,800, whereas it has crucial support at ₹78,200 per 10 gm. On the upper side, the precious yellow metal faces a hurdle in the range of ₹75,800 to ₹76,000.”
Fed Chair Jerome Powell will give the opening remarks at a conference on Wednesday. New York Fed President John Williams and Fed Vice Chair for Supervision Michael Barr are also scheduled to speak.
(With inputs from Reuters)
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