Gold price today: US Fed rate cut buzz fuels MCX gold rate at four-week high, silver rate today at three-week high
(Delhi)Gold prices are showing signs of a promising upward trend amid shifting economic conditions, according to market analysts. Jateen Trivedi, Vice President and Research Analyst - Commodity and Currency at LKP Securities, has highlighted that easing recession fears in the US and a potential reduction in interest rates are likely to provide strong support for gold prices in the coming months.
Trivedi noted that the gold market is expected to find solid support around ₹70,000 per 10 grams, with resistance anticipated at ₹71,500. The recent easing of concerns about a US recession, coupled with an increased probability of rate cuts by the Federal Reserve, is contributing to this optimistic outlook. “As fears of a US recession ease and the likelihood of rate cuts in September increases—potentially up to three cuts by the end of 2024—gold prices are expected to benefit. We anticipate a strong support level at ₹70,000, with resistance around ₹71,500,” Trivedi stated.
Adding to the positive sentiment, Anuj Gupta has forecasted further gains for gold. Gupta observed that the MCX gold rate is currently facing significant resistance at ₹72,000. He suggests that a sustained close above this level could propel gold prices to ₹73,500 in the near term. “The MCX gold rate today has crucial resistance at ₹72,000. Once it closes above this resistance level, we can expect gold prices to touch ₹73,500 soon,” Gupta explained.
In the international market, Gupta projects that the spot gold price could reach between $2,530 and $2,550 per ounce, with a strong support base at $2,480 per ounce. This forecast reflects the broader optimism about gold's potential performance amid global economic shifts.
As the gold market adapts to these developments, investors are closely monitoring price movements. The combination of anticipated US rate cuts and diminishing recession fears is creating a favorable environment for gold, reinforcing its status as a sought-after asset. With analysts predicting further gains, the coming months could see significant activity in gold trading, driven by these evolving economic factors.
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