Gold rate today, 26 Feb 2024: The US dollar index surged to a two-month high in early morning trading, impacting gold prices in the Asian stock market. Gold futures on the Multi Commodity Exchange (MCX) for April 2024 started lower at ₹62,327 per 10 gm and dropped to an intraday low of ₹62,198 per 10 gm. However, buying interest at lower levels pushed the MCX gold rate back above ₹62,200. Meanwhile, the spot gold price in the international market is hovering around $2,032 per ounce.
Commodity market experts attribute the pressure on today’s gold rate to the strengthening US dollar index, driven by expectations of a 3.3 percent US GDP data for Q4FY24. This neutral forecast may keep inflation pressures intact and hinder any potential US Fed rate cuts.
Insight: The focus on US GDP data and its potential impact on gold prices highlights the interconnectedness of global economic factors with the precious metal’s value.
Triggers for gold price this week
Sugandha Sachdeva, Founder of WealthWave Insights, notes that recent Fed statements and economic data have affected gold prices by signaling a reluctance towards immediate rate cuts and addressing inflation concerns. These factors, along with jobless claims data, have tempered expectations for a rate cut and limited upward movement in gold prices.
Important levels to watch
Sachdeva highlights key resistance levels at ₹62,700 per 10 gm and $2,048 per ounce, which could indicate a bullish sentiment among investors if breached. The resilience of gold amidst diverse market dynamics reinforces its appeal as a valuable asset class.
Published: 26 Feb 2024, 10:58 AM IST
