Gold rate today: Last week, gold prices experienced a significant increase due to easing US inflation data sparking speculation about a potential US Fed rate cut. This surge marked the second consecutive week of gains for the yellow metal, as profit-booking in the currency market led to a decrease in the US dollar rate. Gold futures contract on the Multi Commodity Exchange (MCX) closed at ₹63,600 per 10 gm, while the spot gold price ended at $2,082 per ounce.
Additional Insight:
Gold prices rallied last week due to better-than-expected US inflation data, leading to profit-booking in the currency market and a weakening US dollar. The possibility of a rate cut in the upcoming US Fed meeting further fueled investor interest in gold. The outlook for gold remains positive, supported by factors like easing US inflation, potential rate cuts, and weakening dollar index.
Key Factors to Watch:
Market participants are closely monitoring upcoming US employment reports for clues on potential rate cuts by the Fed. Both gold and silver ended the week on a strong note, hinting at continued upward momentum in the near future.
Gold Price Outlook:
Gold and silver prices are expected to remain favorable in the near term, with intermittent corrections likely to attract buying interest. Gold is anticipated to reach levels around ₹64,200 per 10 gm, while silver may trend higher towards ₹73,300 to ₹74,000 per kg.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. Investors are advised to consult certified experts before making investment decisions.
Published: 02 Mar 2024, 09:09 AM IST
