Gold rate today: Following the US Fed rate cut buzz ahead of Jerome Powell's speech at the Jackson Hole Symposium, gold price extended its uptrend for another Monday session. On the Multi Commodity Exchange (MCX), the gold rate today opened with an upside gap at ₹71,458 per 10 gm and touched an intraday high of ₹71,644 within a few minutes of the Opening Bell. While climbing to this intraday high, the MCX gold rate also touched a four-week high in the domestic market. Gold rate today in the international market is still sustaining above the $2,500 per ounce mark and oscillating around its lifetime high of $2,507 per ounce.

Likewise, the MCX silver rate today opened with an upside gap at ₹83,750 per kg and touched an intraday high of ₹84,069 per kg within a few minutes of the Opening Bell. While climbing to this intraday high, the silver price today climbed to a three-week high in the domestic market. In the international market, the silver price is above $29 per ounce and heading for the immediate target of $30 per ounce.

Triggers for gold price rally

Highlighting the reasons for today's rally in gold rates, Anuj Gupta, Head of Commodity & Currency at HDFC Securities, said, "Gold and silver prices are rising today as the market is expecting an announcement on the timeline for a rate cut from US Fed Chief Jerome Powell in his Jackson Hole Symposium speech. The market is expecting a 25 bps to 50 bps rate cut by the US Fed in its meeting in September 2024."

US dollar rate dips

"After the US Fed rate cut buzz, the US dollar rate has been nosediving continuously. Today, the US dollar index shed around 0.43 per cent and touched a six-month low after hitting the 102 mark during morning deals. This has triggered profit-booking in the bond market as well. So this is also a reason for the continuous rally in gold prices across bourses. Geopolitical tension in the Middle East is also supporting precious bullion metals' rally," said Gupta.

Gold rate today: Important levels to watch

Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said, "As fears of a US recession eased, and the probability of rate cuts in September increased, with the possibility of up to three cuts by 2024. The gold price is expected to find strong support at ₹70,000, with resistance at ₹71,500."

Anuj Gupta said, expecting more upside in gold prices, "MCX gold rate today has crucial resistance at ₹72,000. Once it closes above this resistance, we can expect gold prices to touch the ₹73,500 mark soon. In the international market, spot gold price may touch $2,530 and $2,550 per ounce soon with a strong base at $2,480 per ounce mark."

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