Gold prices increase due to the Israel-Hamas conflict, a weak US currency, and talk of a US Fed rate delay

 Gold prices increase due to the Israel-Hamas conflict, a weak US currency, and talk of a US Fed rate delay

Today's gold rate: The US Fed's hint that there may be a rate pause at the upcoming meeting in November 2023, as well as the decline in the US dollar, all contributed to the rise in gold prices, which reached a four-month high on the Multi Commodity Exchange (MCX). The MCX gold rate finished the week up 2.15 percent, closing at $60,725 for 10 grams. The spot fold price on the global market increased by 2.49 percent last week and ended at $1,980.90 per ounce levels.

Similarly, MCX silver pricing last week increased by 2.07% and ended at levels of 72,915 per kg. On Friday, the silver price on the MCX increased by 1,299. In the worldwide market, the price of silver had a weekly rise of almost 22.97%.

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concentrate on US Fed news

"The US dollar has been under pressure since US Fed head Jerome Powell said that interest rates will remain steady, and the US dollar index has fallen around 106 levels after edging closer to 107 levels earlier this week. Anuj Gupta, Head — Commodity & Currency at HDFC Securities, said that the US Fed rate pause talk and the US dollar losing luster versus other foreign currencies have both supported the gold price surge.

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According to Prithviraj Kothari, National President at India Bullion along with Jewellers Association (IBJA), Israel news according to scrutiny pointing to the Israel-Hamas war for the recent rally in gold prices, "Gold charges appreciated sharply from 56,000 towards 60,000 in 10 days as an escalation in the Israel-Palestine conflict spurred pertains over a spillover into the broader Middle East location, which in turn fuelled demand for conventional safe havens." Prices are being supported by a rebound in investment demand and physical retail demand. A long-term bullish perspective has strengthened the fundamental and technical environment. The greatest time to purchase gold is on an auspicious day like Dusshera because I anticipate prices to trade at least 10% higher from present levels by the following year.

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dollar to rupee

"As growing tensions between Hamas and Israel may worsen risk emotions globally, we anticipate the rupee to trade with a little bearish bias. Due to potential safe-haven demand and potential price increases in crude oil due to supply worries, the US dollar may recover. The yield on US 10-year bonds may be reaching psychological barrier of 5% levels and at new cyclical highs. However, any diplomatic initiatives to stop the Middle East war as well as RBI action may only support the Rupee at lower levels. Anuj Choudhary, a research analyst at Sharekhan by BNP Paribas, predicted that the USDINR spot price will fluctuate between 82.80 and 83.50.

essential levels to observe

Anuj Gupta of HDFC Securities advised gold and silver investors to be aware of their levels, stating that the MCX gold rates have immediate support set at 60,000 per 10 gm levels and key support is now placed at 59,000 levels. In the current global market, gold's price has immediate support at levels of $1,960 per ounce and important support at levels of $1,935 per ounce.

Anuj Gupta said that the silver price today "looks positive" and that it is encountering resistance at levels of 75,000 per kg while encountering key barrier at levels of 78,000 per kg. It is experiencing difficulty on the global market at $24.50 per ounce levels.