Gold rate today: Following the US Fed rate cut buzz on soft US core inflation data, MCX gold rate registered gains during early morning deals on Thursday. Gold futures contract on Multi Commodity Exchange (MCX)m for February 2025 expiry opened flat at ₹78,700 per 10 gm. It touched an intraday high of ₹78,956 within a few minutes of the Opening Bell. While climbing to this intraday high, the MCX gold rate touched a new YTD high. In the international market, the spot gold price oscillates around $2,693 per ounce while the COMEX gold price is around $2,723 per troy ounce.
According to market experts, the gold price today has risen due to soft US core inflation data that has triggered buzz about a US Fed rate cut in the upcoming US Fed meeting at the end of this month. They said that the gold rate today is in the green zone despite the Israel-Hamas ceasefire, which signals strong buzz about the US Fed rate cut buzz, and the market is trying to discount this interest rate reduction buzz.
US Fed rate cut buzz
Speaking on the rise in gold rate today, Jigar Trivedi, Senior Research Analyst at Reliance Securities, said, “Easing underlying inflation in the US renewed hopes of a less restrictive Fed policy this year. The core inflation unexpectedly slowed, while headline consumer prices showed no significant upside surprises,” adding, “That supported bullion demand as progress in disinflation could prompt the FOMC to ease monetary policy, reducing the opportunity cost of holding non-yielding assets.”
Gold rate today: Important levels to watch
Expecting gold prices to remain sideways to positive, Anuj Gupta, Head of Commodity & Currency at HDFC Securities, said, “Gold prices are expected to remain in a tight range of ₹78,000 to ₹79,000 per 10 gm until the inauguration of 47 presidents of the United States (US). The market is awaiting the Donald Trump administration’s commentary on 20th January 2025 after the Israel-Hamas ceasefire. Those with position should maintain strict stop loss at the ₹78,400 mark. The yellow metal may touch ₹79,500 if it closes above ₹79,000 before Donald Trump’s oath date. On the lower side, one can buy gold at around the ₹78,200 mark, maintaining a stop loss at ₹77,850. In the international market, spot gold ranges from $2,660 to $2,700 per ounce. On breaching above the $2,700 mark on a closing basis, we can expect the precious yellow metal to touch the $2,730 per ounce mark.”
Disclaimer: The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
