On account of strong US inflation figures and the US Fed rate cut buzz, the gold rate today climbed to a new peak in the domestic and international markets. Comex gold price today climbed to a new lifetime high of $2,412 per ounce while the spot gold price touched a new high of $ 2,395 per ounce during early morning deals. Silver prices also ascended to a new peak during the early morning session on the Multi Commodity Exchange (MCX). MCX gold rate today hit a new lifetime high of ₹72,678 per 10 gm while MCX silver rate today touched a new high of ₹84,102 per kg within a few minutes of the commodity market’s opening bell.
US inflation figures in focus
Speaking on the reason for the rise in gold and silver rates today, Anuj Gupta, Head of Commodity & Currency at HDFC Securities said, “Gold and silver prices are ascending today as the market is expecting US Fed rate cut after the strong US CPI data released on Wednesday. Earlier, the market was expecting the announcement of the rate cut cycle in the US Fed meeting scheduled in June 2024. However, after this strong US inflation figure, we are expecting a rate cut announcement in the upcoming US Fed meeting scheduled from 30th April to 1st May 2024.”
Expecting further upside in the gold and silver prices, Sugandha Sachdeva, Founder of SS WealthStreet said, “Looking ahead, both gold and silver appear to have a positive trajectory for 2024, with some corrective rallies along the way that seem to entice buying interest yet again. Profit booking may affect returns in the short term, but the outlook remains largely optimistic for both metals. Geopolitical uncertainty continues to swirl around owing to high-stakes elections in several major economies, and the proposed three rate cuts by the US central bank during the year could influence price dynamics and keep gold and silver prices well supported.”
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 making any investment decisions.
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Published: 12 Apr 2024, 09:37 AM IST