Gold price dips ahead of US inflation data. US dollar rate in focus

Commodity marketplace experts are of the sentiment that the gold complaint today is nether unit arsenic investors await the merchandise of US ostentation information connected Friday. The marketplace is besides keeping a adjacent oculus connected the rising US dollar index, which has been sustained supra the 106 level. The MCX golden complaint is presently successful the ₹71,000 to ₹72,000 per 10 gm range, and the spot marketplace sees it oscillating successful the $2,310 to $2,340 per ounce range. In airy of these factors, experts counsel investors to instrumentality to a buy-on-dips strategy, arsenic the marketplace is anticipating affirmative US ostentation data.

Triggers for golden complaint today

Speaking connected the crushed for today's dip successful the golden price, Anuj Gupta, Head of Commodity & Currency astatine HDFC Securities, said, "Soaring US dollar rates and US ostentation information awaited contiguous are the 2 large reasons that are dragging the golden terms today. The golden terms is expected to stay range-bound until the US ostentation information is released connected Friday. We are expecting affirmative US ostentation information aft the promising US GDP data."

Anuj Gupta of HDFC Securities emphasized that the upcoming US ostentation information could importantly interaction the marketplace sentiment. A affirmative result whitethorn substance speculation astir a US Fed complaint chopped successful the adjacent meeting. Therefore, helium advises golden investors to support a buy-on-dips strategy until the US ostentation information is made public, underscoring the value of this upcoming event.

US dollar scale successful focus

Kotak Securities advised golden investors to stay vigilant astir the US dollar's movement. The dollar scale weakened 0.16% aft hitting a astir two-month precocious successful the erstwhile session, making golden much charismatic for different currency holders."

"Yesterday, we witnessed immoderate correction successful the US Dollar scale aft the promising US GDP data. This should beryllium taken arsenic a cue arsenic affirmative US ostentation information whitethorn trigger a correction successful the currency market, starring to a crisp autumn successful the US dollar rates, which whitethorn lend enactment to golden prices astatine a little level and trigger caller buying successful the precious metal," said Anuj Gupta.

Gold complaint today: Important levels to watch

Anuj Gupta of HDFC Securities said that the MCX golden complaint contiguous oscillates betwixt ₹71,000 and ₹72,000 per 10 gm. If it breaches beneath the ₹71,000 mark, the precious metallic volition find enactment astatine ₹70,500 and ₹69,800 levels. On the precocious side, erstwhile it breaches the ₹72,000 hurdle, the golden terms contiguous whitethorn find absorption astatine ₹72,800 and ₹73,200 levels.

Disclaimer: The views and recommendations supra are those of idiosyncratic analysts, experts, and broking companies, not of Mint. We counsel investors to cheque with certified experts earlier making immoderate concern decisions.

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Published: 28 Jun 2024, 11:04 AM IST