Gold rate today: On account of ease in US dollar rate and market buzz about 25 bps interest rate hike by the US Fed, gold price today opened upside in international and domestic commodity market today. Gold future contract for June 2023 on Multi Commodity Exchange (MCX), opened at ₹60,033 per 10 gm levels and went on to hit intraday high of ₹60,106 levels within few minutes of opening bell today.

According to commodity market experts, gold rate today is in $1,975 to $2,010 per ounce range and it may go up to $2,050 levels on breaching the immediate upper hurdle. On MCX, gold prices are expected to hit ₹60,900 per 10 gm levels in near term provide bearish trend in US dollar further persists.

Why gold price is rising — explained

Speaking on gold price outlook, Anuj Gupta, Vice President — Research at IIFL Securities said, “Ease in US dollar rates is the major reason for rise in gold price today. On technical chart pattern, gold rate today has immediate support placed at $1,975 per ounce levels whereas it is facing immediate hurdle at $2,010 levels. On breaching this hurdle, the yellow metal may go up to $2,050 per ounce levels in near term."

On major levels in regard to MCX gold price today, the IIFL Securities expert added, “Gold price today has immediate support placed at ₹59,700 per 10 gm on MCX whereas major support for the yellow metal is at ₹58,500 per 10 gm levels. On the upper side, gold price may go up to ₹60,200 and 60,900 per 10 gm levels in near term."

US dollar rate in focus

Anuj Gupta advised gold investors to maintain buy on dips strategy as overall outlook for gold seems positive. However, the bullion expert strictly instructed yellow metal investors to remain vigilant about the US dollar price movement as its movement is expected to dictate gold price movement in near term. He went on to add that one should remain vigilant about some global market triggers like US Dollar Index, US Fed rate hike related news, etc.

Speaking on US dollar to INR (Indian National Rupee), Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas said, "We expect Indian Rupee to trade with a positive tone on easing global crude oil prices and positive domestic equities. Dollar may continue to remain weak as overall economic data continues to remain largely weak, leading to increasing concerns over recession. However, hawkish sentiments from FOMC meeting may weigh on risk assets, which may put downside pressure on Rupee at higher levels. Selling pressure from FIIs may also weigh on Rupee at higher levels. Important data from US for the week is US consumer confidence and Advanced GDP, which are expected weaker than previous reading. USDINR spot price is expected to trade in a range of ₹81.50 to ₹82.30 in the near term."

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