Gold rate today: The price of gold retraced from its lifetime high of $2,531.60 per ounce this week, with spot gold falling about 0.50 percent to nearly $2,500 per ounce. Similarly, COMEX gold prices dropped 0.40 percent, touching $2,537 per troy ounce during early morning trading on Thursday. On the Multi Commodity Exchange (MCX), the gold rate opened with a gap down at ₹71,670 per 10 gm and hit an intraday low of ₹71,607 shortly after the Opening Bell. However, it later rose to an intraday high of ₹71,759 per 10 gm during Thursday’s trading.
Gold rates today appear to be flat, but market sentiment remains bullish, as experts anticipate the release of US unemployment data on Thursday and US Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole symposium. They suggest that investors maintain a buy-on-dips strategy, noting that MCX gold has a key support level at ₹71,000 while facing resistance at the ₹72,000 mark. Once this resistance is cleared, the MCX gold rate could potentially reach ₹73,500 per 10 gm. In the international market, spot gold prices have immediate support levels at $2,480 and $2,460, but are encountering resistance at $2,530 and $2,550 per ounce.
Factors behind the gold price retracement
Despite reaching a record high earlier in the week, gold prices have paused as investors await the US unemployment data release and Jerome Powell’s speech. This temporary halt in the gold rally is attributed to a relief rally in the US dollar and bonds. Anuj Gupta, Head of Commodity & Currency at HDFC Securities, emphasized that the overall outlook for gold remains positive, with a high probability of a rate cut in the upcoming September US Fed meeting. This positive sentiment could receive further support if jobless data softens following recent downward revisions to payroll figures, according to Matt Simpson, Senior Analyst at City Index.
“Gold could receive another boost if the jobless data softens further after recent downward revisions to payroll figures,” said Matt Simpson, Senior Analyst at City Index.
On Wednesday, SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, experienced a decline for the second consecutive session.
Gold rate today: Key levels to monitor
Anuj Gupta highlighted that the immediate targets for the MCX gold rate today are ₹72,000 and ₹73,500, while in the international market, spot gold prices could potentially reach 2,530 and $2,560 per ounce in the near future. He also noted that MCX gold rate today has critical support at ₹71,000 per 10 gm.
Disclaimer: The views and recommendations expressed in this article are those of individual analysts and do not represent the views of Mint. It is advised that investors consult certified experts before making any investment decisions.
Insight: The gold market is influenced by a variety of factors such as economic data, central bank policies, and investor sentiment. The upcoming US unemployment data and Jerome Powell’s speech are expected to provide further direction to gold prices. Investors should closely monitor these events and key levels to make informed decisions.
