The price of gold rate on the Multi Commodity Exchange started the day lower but quickly gained purchasing interest, rising to a day’s high of 58,648 per 10 grams. (MCX). However, profit-booking soon began, and the price of gold retraced its intraday highs before falling to its midday low of 58,505 per 10 gram. The price of gold is trading in a constrained band of $1,938 to $1,946 per ounce on the international spot market. The valuable yellow metal may remain muted until today’s release of the final results of the FOMC meeting, according to experts in the commodity market.
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According to market analysts, gold found immediate support today near $1,920 an ounce and encountered opposition near $1,980 and $2,010 an ounce on the global spot market. Gold prices are currently confronting a barrier at 59,000 per 10 gram but have found immediate support on the MCX at 58,100. He did, however, counsel gold investors to keep buying on dips until the FOMC meeting’s results are known. Before the FOMC meeting, analysts predicted that the price of gold may fluctuate between 57,800 and 59,500 rupees per 10 grams.
Focus is on a US Fed rate increase.
Anuj Gupta, Vice President – Research, IIFL Securities, commented on the gold price trend before the result of the FOMC meeting and said, “Investors are more focused on US Fed statement on bank crisis in US rather than US Fed rate hike.” concentrated due to a string of bank failures. A significant effect will be felt on one’s portfolio. The market does not anticipate a US Fed rate increase of more than 25 basis points, though. But since gold is currently trading between $1,920 and $1,980, it is best to hold off on making a choice until it has been made.On the MCX, it is priced between 58,100 and 59,000 per 10 grams in the foreign market.
critical levels to watch
Nirpendra Yadav, Senior Commodity Research Analyst, Swastik Investmart said, “Why gold prices retreated from its recent record highs Gold prices retreated from recent highs due to government intervention in banking crisis. Safe haven in gold The rally stalled. Near term as the outcome of the FOMC meeting is to be released later in the day. Government intervention in the banking crisis could encourage the Fed to continue its fight against inflation at the same pace and put pressure on gold in the near term. However, the downside in gold may be limited amid mounting pressure on the global economy amid rising banking crisis and uncertainty.” The expert of Swastika Investmart said that there may be a fall in the price of gold today. from 57,800 Range of Rs 59,500 per 10 grams till the outcome of the FOMC meeting.
Anuj Gupta of IIFL Securities advises gold investors to buy on dips strategy saying, “One can buy gold. 58,400 level for intraday target Retains stop loss at 58,950 58,100 per 10 gram level.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of O2help. We advise investors to check with certified experts before taking any Investment Decision.
