Fears of an Israel-Gaza conflict are replaced by the US Fed's rate-pause signal, and the price of gold is at a four-month high on the MCX today

 Fears of an Israel-Gaza conflict are replaced by the US Fed's rate-pause signal, and the price of gold is at a four-month high on the MCX today

Today's gold rate: The US dollar fell as US Fed chairman Jerome Powell suggested a rate pause, which caused the gold price to rise to a one-month high on the Multi Commodity Exchange (MCX). Today's MCX gold pricing for delivery in December 2023 began higher at 60,401 per 10 gm and eventually reached an intraday high of 60,615 levels. The sport fold price is fluctuating in the international market at approximately $1,976 per ounce levels, not far from its closest barrier of $1,980 levels.

Similarly, the price of silver today started out higher at 71,995 per kg and quickly rose to an intraday high of 72,164 levels only minutes after the opening bell for the commodities market. The price of siler is now fluctuating around the $22.90 per ounce range on the global market.

HCL Tech, Dalmia Bharat, and three other dividend companies go ex-dividend today.

concentrate on US Fed news

Anuj Gupta, Head of Commodity & Currency at HDFC Securities, commented on the factors driving the gold price today, saying, "Gold prices are climbing following the rate pause signal given by the US Fed Chairman Jerome Powell. The US dollar gain, which sparked the rise in gold prices, has been halted by the US Fed chief's dovish position on interest rate hikes. The price of gold has risen to a five-month high today.

Israel's conflict is filmed

Anuj Gupta said, "Israel war has subsided after Joe Biden's visit and ceasefire announcement in south Gaza." He was speaking about US president Joe Biden's visit to Israel and its effect on gold prices. The US Federal Reserve's rate suggestion is what has boosted demand for the yellow metal.

dollar to rupee

"As diplomatic attempts to control the situation in the Middle East should increase emotions about risk throughout the world, we predict the rupee to trade with a modest positive tilt. A weaker US dollar might help the local currency even more. The increase in crude oil prices may, however, limit the potential gains. Increased pressure on the rupee may result from any further escalation of geopolitical tensions in the Middle East. Data on the housing market and the US Beige Book may serve as indicators for traders. Anuj Choudhary, a research analyst at Sharekhan by BNP Paribas, predicted that the USDINR spot price will trade between 82.90 and 83.60.

essential levels to observe

The gold price in the international market is facing a major obstacle at $1,980 per ounce levels, while it is confronting a vital support range between $1,945 and $1,950, according to HDFC Securities' Anuj Gupta. Gold prices on the MCX are at a barrier of 60,500 per 10 gm, and if they pass this barrier, they may rise to 61,200 and 61,800 per 10 gm levels. On the downside, gold's price is receiving significant support around levels between 59,250 and 59,300 per 10 gm.

According to Anuj Gupta, the price of siler on the spot market fluctuates between $22.50 and $24 per ounce levels. On the MCX, the price of silver is supported around 71,000, while resistance levels at 73,000 and 76,000 per kilogram are present on the upside.