Gold rate today: Ahead of the US unemployment data and US Fed Chairman Jerome Powell’s Jackson Hole speech, gold price was retraced from the lifetime high of $2,531.60 per ounce this week. Spot gold price today fell around 0.50 per cent and came close to $2,500 per ounce, whereas COMEX gold price eased 0.40 per cent and touched the 2,537 per troy ounce mark during early morning deals on Thursday. On the Multi Commodity Exchange (MCX), today’s gold rate opened with a downside gap of ₹71,670 per 10 gm and touched an intraday low of ₹71,607 within a few minutes of the Opening Bell. However, MCX gold rate bounced back from the lower levels and made an intraday high of ₹71,759 per 10 gm during Thursday deals.
According to commodity market experts, gold rates today are flat, but overall sentiment is bullish. They said the market is waiting to release US unemployment data on Thursday and US Fed chief Jerome Powell’s Jackson Hole speech this week. They advised gold investors to maintain a buy-on-dips strategy as MCX gold has crucial support at ₹71,000. They said that the gold price today is facing a hurdle at the ₹72,000 mark. After decisively breaching this hurdle, the MCX gold rate may soon touch ₹73,500 per 10 gm mark. In the international market, they said that spot gold price has immediate support placed at 2,480 and $2,460, whereas it is facing a hurdle at 2,530 and $2,550 per ounce mark.
Why has the gold price retraced from a record high?
“After touching a new high of $2,531.60 per ounce this week, gold prices are sideways as investors await the US unemployment data, which will be released today. The Jackson Hole Symposium will also kick-start today, where US Fed Chairman Jerome Powell will deliver his speech on Friday. This pause in the gold price rally can be attributed to some relief rally witnessed in the US dollar rates and US bonds as well. However, an overall bias for gold price is positive, and Fed meter is showcasing over 75 per cent chances of a rate cut in September US Fed meeting,” said Anuj Gupta, Head of Commodity & Currency at HDFC Securities.
“Gold could receive another boost if the jobless data softens further after recent downward revisions to payroll figures,” said Matt Simpson, Senior Analyst at City Index.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell for a second straight session on Wednesday.
Gold rare today: Important levels to watch
“The immediate target for the MCX gold rate today is ₹72,000 and ₹73,500, while in the international market, spot gold prices may touch 2,530 and $2,560 per ounce in the near term,” said Anuj Gupta, adding, “MCX gold rate today has crucial support placed at ₹71,000 per 10 gm.”
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.