Spot Gold Rate
This Friday is the deadline for the US Core Personal Consumption Expenditures Price Index (PCE) statistics for February. January saw a 0.3% increase in the PCE.
Senior market expert Alex Turro of RJO Futures told news agency Reuters that he anticipates range-bound price movement during the session . “We’ll have to see whether or not U.S. inflation here domestically is soft enough to provide this clear path to lower rates in the coming months,” said Turro.
Rate of Gold in India
Traders now project a 70% possibility of a US Fed rate drop in June. Holding bullion has a lower opportunity cost when interest rates are lower.
Gold futures contracts that are scheduled to expire on April 5, 2024, were recently traded 0.33 percent higher at ₹66,320 per 10 grams during the Multi Commodity Exchange (MCX) session back home. The session closed at ₹66,114 for 10 grams, while it reached a day’s high of ₹66,499 per 10 grams thus far.
The VP Research Analyst of LKP Securities, Jateen Trivedi, stated, “Gold prices in MCX were seen positive up by ₹250 at 66,350+ taking support from Comex Gold trading higher above 2192$ testing 2200$ resistance again and again everyday.”
‘’The participation in gold has increased after Fed’s policy and dovish statement which has triggered new buying momentum as broadly, gold takes support of 2,150$ and resistance of 2,200$ once prices start trading above 2,200$ escalations towards 2,250$ cannot be ruled out,” continued Trivedi.
