Gold price trades flat ahead of US Fed meeting outcome. Buy, sell or hold?
Gold rate today: Ahead of US Fed meeting outcome expected late night today, gold price on Multi Commodity Exchange (MCX) opened flat during morning deals. MCX gold rate today opened at ₹61,196 per 10 gm levels and nosdived to intraday low of ₹61,085 levels within few minutes of commodity market’s opening bell on Wednesday. In international market, spot fold price is oscillating around $1,980 per ounce levels.
Likewise, silver rate today on MCX opened lower at ₹71,745 per kg levels and went on to hit intraday low of ₹71,539 levels in few minutes of opening bell today. In international market, spot silver price is oscillating around $22.75 per ounce levels.
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US Fed meeting in focus
Speaking on the reason for range-bound action in bullion prices, Anuj Gupta, Head — Commodity & Currency at HDFC Securities said, “Investors are waiting for the outcome of US Fed meeting, which is expected today. Even though market is assured about no further rate hike in near term, especially after better-than-expected US job data last week, any hint of rate cut in 2024 would lift the morale of bullion investors.”
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On expected out come from US Fed meeting, Deveya Gaglani, Research Analyst – Commodities at Axis Securities said, “Monthly CPI data showed an uptick that pushed the dollar index higher, which dented the sentiments of Bullion as traders cut the bet for an early rate high in the 2024 level. Now, investors will focus on today’s FOMC meeting to take cues from the Fed, which may impact Gold prices going forward.”
Important levels to watch
Anuj Gupta of HDFC Securities said that spot gold price is in $1,960 to $2,000 per ounce range whereas gold price on MCX is in ₹60,800 to ₹62,000 per 10 gm range.
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Anuj Gupta said that fresh entry is not advised as US Fed meeting is very important as it would pave outlook of the US Central Bank for the upcoming year 2024. For those who already have positions in gold, Anuj Gupta of HDFC Securities advised such gold investors to maintain strict stop loss below support levels in current ragne mentioned above.
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 decision.
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Published: 13 Dec 2023, 10:29 AM IST
