Israel-Iran war: Ahead of the announcement of the US Fed meeting minutes and the US CPI data this week, gold prices opened flat in early morning deals. Gold rate today on the Multi Commodity Exchange (MCX) opened lower at ₹75,851 per 10 gm and touched an intraday high of ₹75,908 per 10 gm within a few minutes of the Opening Bell. In the international market, spot gold prices are quoted at around $2,643 per troy ounce, 0.02% above the previous day’s high.
- Garuda Construction and Engineering IPO Day 1: GMP, subscription status, review, other details. Should you subscribe?
- Copper prices fall due to National Day holiday in China
- Weekly Trading Levels of MCX Commodity Market [07 October 2024]
- Nifty, Sensex continue to fall for sixth consecutive day, broader markets fall
- Senco Gold shares surge 10% after it raises Rs 500 crore via 1:2 stock split and QIP
Israel-Iran war in focus
Speaking on the gold price outlook, Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said, “Gold prices saw a positive surge after initial weakness, driven by escalating geopolitical tensions due to the Israel-Iran war. Strong buying activity was observed, with prices supporting near $2,640 in Comex.”
![Weekly Trading Levels of MCX Commodity Market [07 October 2024]](https://www.goldsilverreports.com/wp-content/uploads/2022/01/MCX-Weekly-Research-Report-24-To-28-January-2022-By-Neal-Bhai.webp)
On triggers that may dictate gold price this week, “Key data ahead includes the US Fed’s meeting minutes on Wednesday (9th Oct) and US CPI data on the 10th, which will provide crucial indicators for gold’s next move. In MCX, support is placed at ₹75,600 to ₹75,750, while resistance is seen at ₹76,450 to ₹76,650. India’s upcoming RBI policy on Wednesday is also expected to influence the rupee, potentially affecting gold prices further.”
Strategy for gold investors
Advising buy-on-dips strategy for investors, “The market has already discounted the US Fed minutes, and the US CPI data is expected to remain flat. So, the market expects pressure on the US dollar after the US CPI data, which would support gold prices at lower levels. So, buy on a dip would be an ideal strategy for gold investors in the current market scenario.”
“As there is no such indication of an end in the ongoing Israel-Iran war, we expect a sharp upside in gold prices if the US CPI data comes as per the market expectations,”.
