Gold rate today below ₹2600 from lifetime high. Should you buy on this dip?

US Fed gathering successful focus

On wherefore golden prices person fallen astir ₹2500 per 10 gm against its beingness high, Anuj Gupta, Vice President of Commodity & Currency astatine HDFC Securities said, "Gold prices are falling aft US Fed main Jerome Powell's latest connection connected the involvement complaint chopped erstwhile helium said that the US Federal Reserve volition not amusement immoderate benignant of urgency successful initiating its complaint chopped policy. This has enactment uncertainty into the minds of investors arsenic they were expecting a complaint chopped from the US Fed either successful upcoming US Fed gathering opening connected 30th April 2024 oregon successful June 2024." Anuj Gupta of HDFC Securities said that the marketplace is discounting the golden prices aft easiness successful the Iran-Israel struggle arsenic well.

US Treasury yields nether pressure

On alleviation rally successful golden terms today, Anuj Gupta said, "Gold prices are ascending contiguous arsenic the US Treasury marketplace is nether nett booking pressure. US 30-year enslaved output has corrected to the tune of 0.35 percent whereas the US 10-year enslaved output has fallen to the tune of 0.26 percent successful the aboriginal greeting session."

Jateen Trivedi, VP Research Analyst - Commodity and Currency astatine LKP Securities said, "Gold prices recovered enactment adjacent ₹70,700 successful MCX and $2315 successful Comex, starring to a affirmative outlook with betterment from ₹70,700 to ₹71,100. Market sentiment remains optimistic, with a absorption connected the upcoming US PCE Price Index information scheduled for Friday, April 26. This information merchandise is anticipated to supply further clarity connected the absorption of golden prices."

Anuj Gupta of HDFC Securities said that the golden complaint contiguous connected MCX is facing a hurdle astatine the ₹71,500 level. On breaching this level, the precious yellowish metallic whitethorn interaction ₹72,000 per 10 gm level. So, golden investors should support a halt nonaccomplishment astatine the ₹71,000 level for the near-term people of ₹72,000 per 10 gm. In case, the golden terms breaches beneath ₹71,000 connected a closing basis, past we tin expect the precious metallic to interaction ₹70,500 levels.

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

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Published: 26 Apr 2024, 10:38 AM IST