In the domestic precious metal market Gold prices today touched a high of Rs 76,420 which is 1.31 per cent from the previous day of Rs 75,420. The gold price also showed an increase of 0.09 per cent in the week from the price of Rs 76,330. However, gold price showed a down trend over a month with a decrease of 2.98 per cent from 78,750.
The gold futures contract with the expiry on 5 February 2025, today touched a high of 76,773 which is 1.03 per cent upward from the previous close. The 5 February 2025 future contract closed at a price of 75,989 today.
“Gold traded with strength as markets continued to factor in geopolitical tensions and dollar volatility. While the broader bullish trend in gold remains intact, short-term uncertainty persists. At Rs 75,900 on MCX, gold is slightly off its peak but significantly above the Rs 67,500 low seen during the Budget week. Investors are advised to adopt a SIP or dip-accumulation strategy for better portfolio management, rather than attempting to time the market at current elevated levels.” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
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International gold price today
In the international market Gold prices showed a bounce back on Wednesday, after hitting a more than one-week low in the previous session, due to the weakening of dollar. The traders were waiting for the key inflation data to gain clarity into the Federal Reserve’s potential path for rate cuts.
Spot gold showed an upward trend of 0.7 per cent at $2,649.14 per ounce. US gold futures were up by 1.1 per cent to $2,649.20. Gold registered its deepest one-day decline in almost five months on Monday, and hit its lowest since November 18 in the previous session, as safe-haven demand for the metal softened after Israel agreed to a ceasefire deal with Lebanon.
The minutes released on Tuesday highlighted uncertainty about the economy’s direction, as noted by Fed officials, leading markets to slightly increase their expectations of a rate cut in December.
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Markets now estimate a 66.5 per cent chance of a quarter-point rate cut in December,
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