Today's gold rate: Due to the US Federal Reserve's (US Fed) and the majority of the central banks in Europe's adoption of a slightly "dovish" stance on interest rate hikes and the US dollar's recovery from 10-month lows, gold prices sharply declined after skyrocketing to a lifetime high of Rs. 58,847 per 10 gm levels in domestic markets.
On the Multi Commodity Exchange (MCX), the gold future contract for April 2023 closed at Rs. 56,560 per 10 gm, almost Rs. 2,300 below its recent highs. However, the sudden drop in gold prices was also seen on the global market. On Friday, the spot gold price reached 1,864 per ounce, recording a loss of close to 3.23% for the week.
Experts on the commodity markets claim that demand for the dollar increased as a result of the US Federal Reserve and the majority of European central banks' slightly "dovish" stance on interest rate hikes, which led to a recovery in US dollar rates from their 10-month lows. The US dollar's decline had a tapering effect on the upward trend in gold prices.
They said, however, that gold prices currently have significant support in the global market at $1,860 levels. Expert said, the local market's strong support for the precious metal is at Rs. 56,500. From this support, a rebound towards Rs. 57,700 per 10 gm levels is anticipated, with a predicted decline in demand for US dollars.
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