According to experts, the current gold rates low, lingering around $1,980 per ounce, with a potential resistance at $2,010.
Experts say the price of MCX gold is around ₹60,500 per 10 gm now and might not go lower.
Today’s Gold Price.
Before the US Fed meeting today, the price of gold went down in the morning. On the MCX, the price for December 2023 started at ₹61,117 per 10 gm but then went up to ₹61,199 and went down to ₹61,110 within a few minutes of the market opening. In the international market, the price is around $1,992 per ounce.
Today, the price of silver started low on the MCX at ₹72,492 per kg, then went down to ₹72,433 in the morning. In the international market, the price is around $23.15 per ounce.
Why is the gold rate low today?
Anuj Gupta, who works with HDFC Securities, said that the reason gold and silver prices are down today is that they were going up a lot last week. People might be selling to make money before the US Fed meeting. It doesn’t mean that gold and silver are not good anymore.
US Fed meeting spotlight.
Anuj Gupta from HDFC Securities said that the US Fed is probably not going to raise rates in the meeting that starts today. They usually don’t do it in December. If they don’t raise rates now, people think they will next year. If the US Fed says this in their meeting, gold and silver prices might go up a lot.
Deveya Gaglani, a Research Analyst at Axis Securities, said that gold and silver prices might go up again. Even though the US dollar is strong, people still like gold because it’s safe when things are not good in the world. There is trouble in the Middle East, so the price of gold might keep going up.
Is it a good time to buy for Diwali 2023?
Anuj Gupta from HDFC Securities said that the price of gold won’t likely go below $1,980 per ounce in the world market and ₹60,500 in the Indian market.
He also said that if the US Fed says what people think they will and doesn’t raise rates, the price of gold might go up to ₹62,000 and silver might go up to ₹63,000 for every 10 grams soon.
Will the price of MCX gold go up a lot?
Anuj Gupta from HDFC Securities said that in May 2023, the price of MCX gold went up to ₹61,845 for every 10 grams, which is still the highest ever. If the US Fed meeting goes how people think it will, the price of gold might go up even more by Diwali 2023.
He also said that the price of silver won’t likely go below ₹71,000 for every kilogram and might not go over ₹73,000 and ₹75,000 soon.
Disclaimer: Remember, what the analysts and companies said is their own opinion, not SGX NIFTY. It’s a good idea to talk to experts before you make any big investment decisions.