gold price today opened higher and on test 61,000 per 10 gram level in morning deals on the Multi Commodity Exchange (MCX). Gold prices are rising after the US Fed announced a rate hike of 25 bps on Wednesday. Following this result of the US Fed meeting on the lines expected by market observers, the gold price in the international spot market on Wednesday reached a new peak of $ 2081.80 an ounce, while the MCX gold price was very close to its all-time high. Is. 61,371 per 10 grams as it made a one-day high 61,319 per 10 grams within minutes of the commodity market opening today.
Anuj Gupta, Vice President – Research AT, speaking on the reasons for the rise in gold price today IIFL Securities He said, “Gold prices are gaining momentum due to weakness in US dollar after US Fed rate hike. Even though the US Fed’s 25 bps rate hike is in line with what market observers expected, inflation remains well above the comfort zone of the US central bank. This has put the US dollar under pressure and the dollar index has hit a one-month low after the US Fed news.
US dollar under pressure
Despite this why the prices of gold and silver are increasing US Fed rate hike Amit Sajeja, Vice President, Research, Motilal Oswal said as expected, “Both gold and silver rates are in an uptrend today as the words from US Fed suggest that interest rates hike is possible and this kept the US dollar down Is.” Pressure. Gold and Silver prices are trading higher today due to weakness in US Dollar against major global currencies.
expected weakness in U.S. Dollar Going forward, Anuj Gupta of IIFL Securities said, “Dollar index has taken immediate support near 100 level. On crossing this level, we can expect dollar index to move lower towards 98 level in the near term.” Will go.”
Gold, Silver Price Outlook
On the outlook for gold in the near term, market expert Sugandha Sachdeva said, “Gold is likely to continue its uptrend as Fed hikes by 25 bps on expected lines and also softens its tone for further rate hikes.” Have given. This has suppressed the dollar index and is supporting the outlook for gold. looks at the precious metal 61,700 per 10 gram mark in the near term, once it breaks the previous high 61,371 per 10 grams, while looking at support 60,500 per 10 grams.
On whether gold and silver will be able to scale a new peak, Amit Sajeja of Motilal Oswal said, “In the near term, MCX gold price is expected to move higher. Breaking its current life-time high of 62,200 per 10 grams At the same time, silver prices are also expected to go up to Rs 61,371. 78,500 per kg, scaling a new peak.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
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