Gold rate today: Following ease in US dollar rates due to rising concerns for economic slowdown in the US, gold price today appreciated and regained the psychological $2,000 per ounce levels in early morning deals. However, gold price had a muted opening on Multi Commodity Exchange (MCX), as gold future contract for June 2023 opened lower and went on to hit intraday low of ₹59,825 per 10 gm, losing more than 0.50 per cent within few minutes of commodity market opening today. During this sell off, MCX gold price lost ₹60,000 peak and slipped below this crucial level.

According to commodity market experts, gold price today is surging due to ease in US dollar rate as Dollar Index has come close to 101 levels once again. The reason for fall in Dollar Index is mainly due to the weak US economic data and rising fear of economic recession due to bank crisis in US. Experts advised gold investors to remain vigilant about the US dollar movement against major global currencies.

Bullion experts went on to add that gold rate today has immediate support placed at $1,975 per ounce levels in international market whereas it is facing hurdle at $2,010 levels. On breaching this hurdle in international market, we can expect the gold price to go up to $2,050 levels.

US dollar rate in focus

Advising gold investors to remain vigilant about the US dollar against major global currencies, Amit Sajeja, Vice President — Research at Motilal Oswal said, “US dollar rate is dictating the movement of gold rates today. Hence, my advice to gold investors is to remain vigilant about the triggers that may impact US dollar rates, like US Fed officials commentary on rate hike, US economic data, bank crisis in US, etc."

Advising bottom fishing at current fall in MCX gold price today, Anuj Gupta, Vice President — Research at IIFL Securities said, “One can buy MCX gold today at around ₹59,700 per 10 gm levels for near term target of ₹60,300 per 10 gm maintaining stop loss at ₹59,450 levels."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

ABOUT THE AUTHOR Asit Manohar Chief Content Producer at Live Mint Digital Team Read more from this author