Gold rate today extended its rally for second straight session during early morning deals on Friday. Gold future contract on Multi Commodity Exchange (MCX) for December 2023 expiry opened higher at ₹56,735 per 10 gm levels and went on to hit intraday high of ₹56,739 per 10 gm levels within few minutes of opening bell. In international market, spot gold price is oscillating around $1,823 per ounce levels after climbing to intraday high of 1,824.58 levels.
RBI Monetary Policy Live Updates: RBI maintains status quo on rate, stance
Silver rate today opened upside at ₹66,825 per kg levels and went on to hit intraday high of ₹67,099 levels within few minutes of commodity market’s opening bell today. In international market, spot siler price is oscillating around $21 per ounce levels.
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US Fed meeting in focus
On why gold and silver prices are nosediving, Anuj Gupta, Head — Commodity & Currency at HDFC Securities said, “Speculations are quite high that thre may not be US Fed rate hike in November meeting. Fodder for this buzz has come from ease in crude oil prices in last two weeks. Both WTI crude oil price and Brent crude oil pice has dropped by near $15 dollar per barrel in last one fortnight that eased the inflation fear on the US Fed. Due to the rate pause buzz, profit booking in US dollar triggered as it had climbed to an overbought condition.” He said that both WTI crude oil and Brent crude oil prices have hit 5-week low in last fortnight.
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Anuj Gupta of HDFC Securities went on to add that US government bonds are also under the sell off heat as chances of anyn rebound in US dollar looks weak. US dollar index has come close to 106 odd levels and it may go down towards 103 levels after breaching its immediate support placed at 105 levels.
US dollar to INR
On outlook for USD to INR, Anuj Choudhary, Research Analyst at Sharekhan by BNP Paribas said, “We expect Rupee to trade with a slight negative bias on rising US Treasury yields and expectations that US Dollar may recover on hawkish tone of most Fed officials. However, weak crude oil prices and positive global markets may support Rupee at lower levels. Traders may take cues from weekly unemployment claims and trade balance from US. Investors may remain cautious ahead of RBI’s monetary policy tomorrow. USDINR spot price is expected to trade in a range of ₹82.80 to ₹83.70.”
Gold, silver price levels to watch
On outlook for gold price in near term, Deveya Gaglani, Research Analyst – Commodities at Axis Securities said, “Gold price today has strong support placed around the ₹56,500 level as long as the mentioned level is intact on can maintain buy on dips strategy in near term. We expect gold prices to trade between the ₹56,500 and ₹57,000 levels ion near term.”
“On breaching ₹57,000 levels, gold price may soon go up to ₹57,500 levels. In international market, gold price today is in $1,800 to $1,850 levels and on breaching the upper hurdle, we may see the yellow metal price to go upm to $1,880 per ounce levels,” said Anuj Gupta.
The HDFC Securities expert went on to add that silver rate today is in $20 to $22 per ounce range whereas on MCX, the white precious metal is in ₹63,000 to ₹70,000 broader range while ₹65,000 to ₹68,000 per kg is small range.
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.
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