Gold rate today: Amid rising geopolitical tensions due to the Israel-Iran war, gold prices today witnessed some value buying in the early morning deals on Friday. The yellow metal remains a safe haven for investors amid rising tensions in the Middle East due to the Iran-Israel war. On the Multi Commodity Exchange (MCX), the gold futures contract for December 2024 expiry opened with an upside gap at ₹76,302 per 10 gm and touched an intraday high of ₹76,366 mark within a few minutes of the commodity market opening.
According to commodity market experts, the gold price today is expected to maintain its uptrend as the Middle East tension has put doubts into investors’ minds. So, in the wake of uncertainties caused by the Israel-Iran war, they advised investors to maintain a ‘buy-on-dips’ strategy in gold and silver. They said that the MCX gold rate is in the ₹75,800 to ₹76,700 range, whereas the US spot gold price is in the $2,640 to $2,700 per troy ounce range.
Iran-Israel war in focus
“Geopolitical tensions, particularly concerning Israel and Iran, are supporting gold prices, and unless these risks subside, prices are likely to remain near record levels,” said Ajay Kedia, director at Kedia Commodities.
Advising investors to remain vigilant about the US payroll data, Anuj Gupta, Head — Commodity & Currency at HDFC Securities, said, “Gold price today is in uptrend as gold and silver are considered safe haven during an uncertainty. Amid buzz about the US discussing strikes on Iran in retaliation to Tehran’s air strikes in Israel, the geopolitical tension in the Middle East has further escalated. However, gold investors should also monitor the US payroll data. Any disappointing news in the US data may fuel the yellow metal prices, and it may touch $2,700 per troy ounce any time.”
Gold price today: Important levels to watch
Advising gold investors to maintain a ‘buy-on-dips’ strategy, Anuj Gupta said, “MCX gold rate is in ₹75,800 to ₹76,700 range whereas spot gold price is in $2,640 to $2,700 per troy ounce range. Any dip in the yellow metal price should be seen as a buying opportunity till the US payroll data is released.”
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
Additional Insight: Impact of Geopolitical Tensions on Gold Prices
Geopolitical tensions, especially those related to conflicts like the one between Israel and Iran, have a significant impact on gold prices. Investors often turn to gold as a safe haven asset during times of uncertainty and geopolitical turmoil. The current scenario with the Israel-Iran war has led to a surge in gold prices, with experts suggesting that these tensions need to subside for prices to stabilize.
Monitoring US Payroll Data
Alongside geopolitical tensions, it is crucial for gold investors to keep an eye on US payroll data. Any significant developments or surprises in this data can also influence gold prices. The uncertainty surrounding the US discussions on possible strikes on Iran adds another layer of complexity to the market dynamics. Investors should stay informed about both geopolitical events and economic indicators to make informed decisions.
