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Gold price today: The precious metal witnessed a rise in the morning trading session on the country's top commodity market exchange MCX. Gold futures contract for August 2024 expiry is priced at Rs 10 per gram. After opening at an intraday high of Rs 71,575, within moments it reached Rs 71,692. In the international market, COMEX gold prices were around $2,340 an ounce, while spot gold prices were at $2,325 an ounce.
Yesterday the morning session on MCX was closed due to Bakrid. Yesterday the price of gold (999) in Ahmedabad was Rs. 250 to 74250 per 10 grams and the price of silver was Rs. 250 to 74250 per 10 grams. Remained stable at 90500 per kg. Hallmark gold remained at 72520 per 10 grams.
According to commodity market experts, expectations of positive US retail sales data and the US Fed's announcement on Tuesday are pushing gold prices higher today. Gold prices will remain in a limited range until the results of these important events are known. Range bound means that investors buy at support and sell at resistance levels, also setting a stoploss. Even if the price reaches the stoploss, the sell-off still occurs. Experts have advised investors to adopt a buy-on-dip strategy, as the price of gold on MCX is currently at Rs. 71,000 to Rs. 72,000. Global spot gold prices are in the range of $2,310 to $2,340 an ounce. This strategy can potentially yield profitable returns.
Focus on US retail sales, US Fed rate cut
Explaining the reason for today's rise in gold prices, Anuj Gupta, Head of Commodity and Currency, HDFC Securities, said, “The precious metal has seen a rise today after Monday's negative close. Gold prices are expected to remain in a limited range today as investors keep an eye on the US retail sales data and the Fed rate cut announcement. The US Fed has announced a rate cut in 2024 in the recent FOMC meeting.”
An important surface to sleep on
On the key levels of gold price, Anuj Gupta of HDFC Securities reiterated, “MCX gold prices are expected to trade in the range of Rs 71,000 to Rs 72,000 per 10 gram, and spot global gold prices are expected to trade in the range of $2,310 to $2,310. In this range, investors can buy gold at lower levels.”
