Gold prices witnessed selling pressure today as investors awaited the release of US inflation data on Friday. Gold futures contract for August 2024 expiry opened at ₹71,422 per 10 gram on the Multi Commodity Exchange (MCX) and closed intraday at a low of ₹71,402. However, gold prices on MCX witnessed some buying at lower levels and could pare early morning losses. Gold prices on MCX are currently trading around ₹71,485. In the international market, gold prices on COMEX are trading around $2,331 per troy ounce, while spot gold prices are trading around $2,321 per ounce.
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Commodity market experts believe that gold prices are under pressure today as investors awaited the release of US inflation data on Friday. The market is also keeping a close watch on the rising US dollar index, which remains above the 106 level. The price of gold on MCX is currently in the range of ₹71,000 to ₹72,000 per 10 grams, and in the spot market it is in the range of $2,310 to $2,340 per ounce. In view of these factors, experts advise investors to adopt a buy on dips strategy, as the market is expecting positive US inflation data.
Triggers for gold price today
Speaking on the reason for the fall in gold price today, Ananya, Head of Commodity said, “Rising US dollar rates and US inflation data coming today are the two major reasons that are pulling the gold price down today. Gold price is expected to remain range bound till the US inflation data is released on Friday. We are expecting positive US inflation data followed by promising US GDP data.”
HDFC Securities stressed that the upcoming US inflation data could significantly impact market sentiment. A positive outcome could fuel speculation of the US Fed cutting interest rates at the next meeting. Therefore, he has advised gold investors to maintain a buy-on-dips strategy until US inflation data is made public, underlining the importance of this upcoming event.
Focus on US dollar index
Kotak Securities advised gold investors to be cautious about US dollar movements. The dollar index weakened 0.16% after hitting a nearly two-month high in the previous session, making gold more attractive for other currency holders. “
“Yesterday, we saw some correction in the US dollar index after promising US GDP data. This should be taken as a signal as positive US inflation data could trigger a correction in the currency market, leading to a sharp decline in US dollar rates, which could support gold prices at lower levels and boost fresh buying in the precious metal.
Gold price today: Key levels to watch
MCX gold price today is range bound between ₹71,000 and ₹72,000 per 10 gm. If it moves below the ₹71,000 mark, the precious metal will find support at ₹70,500 and ₹69,800 levels. On the upside, once it crosses the ₹72,000 barrier, gold price today could find resistance at ₹72,800 and ₹73,200 levels.
