Today's gold rate: Following a surge in prices earlier during Thursday's trading session, gold witnessed profit booking ahead of the commodity market's closing bell. The gold futures contract for August 2023 expiry on the Multi Commodity Exchange (MCX) came tantalizingly close to Rs. 59,000 per 10 grams, effectively erasing the gains made over the entire week. In the international market, the price of this precious metal is currently oscillating around USD 1,951 per ounce, whereas on MCX, it hovers at approximately Rs. 59,200 per 10 grams.
Likewise, today's silver rate exhibits fluctuations, hovering around Rs. 73,800 per kilogram on MCX, while in the international market, the price stands at about USD 24.20 per ounce. (It is worth noting that, on Thursday morning, silver prices in international markets were above USD 25 levels).
Industry experts specializing in the commodity market attribute the retracement of gold and silver prices from their weekly highs to better-than-expected US GDP and jobless claim data. They assert that the current phase for gold prices involves building a solid base, with the precious metal oscillating within the range of USD 1,935 to USD 1,985 per ounce. In light of the optimistic US economic data, these experts expect gold prices to face pressure in the near term, potentially dipping further by USD 10 to USD 15 in the international market. Nevertheless, they anticipate value buying to provide support at certain levels.
US GDP data for the April to June 2023 quarter revealed a rise of 2.4 percent in year-on-year terms, compared to a 2 percent pace in the January to March 2023 quarter, as indicated by the Commerce Department's initial estimate released on Thursday. Notably, consumer spending witnessed a growth of 1.6 percent during this period, surpassing initial forecasts and reflecting a surge after the start of the year.
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