Why gold rate today under pressure?
On trigger for the decline in gold price today, Anuj Gupta, Head — Commodity & Currency at HDFC Securities said, “Last week, we saw a strong upside in gold price after the ease in US inflation, which triggered US Fed rate cut buzz in upcoming US Fed meeting.
This pushed gold prices to a nine-week high in the domestic market and a three-month high in the international market. However, the focus has now shifted towards the US Fed chief Jerome Powell’s testimony before the US Senate on Wednesday. Ahead of the US Fed chief’s testimonial before the US Congress, some US Fed officials have dropped a hint that the US Fed chief may talk hawkish in the US Senate. This has triggered fresh buying in the currency and US bond market.”
Gold price outlook
On strategy for gold investors, Sugandha Sachdeva, Founder of WealthWave Insights said, “The overall price set-up suggests that intermittent corrections may occur, but they are likely to attract buying interest. Gold price has established strong support around the ₹61,800 per 10 gm mark and appears poised to advance towards the ₹64,200 per 10 gm mark in the near term. Similarly, the silver rate today has formed a solid base near the ₹70,500 per kg mark and is anticipated to trend higher towards the ₹73,300 to ₹74,000 per kg levels in the coming days.”
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