Gold rate today: On account of the fresh escalation of the geopolitical tension in central Asia and the dovish US Fed on interest rates, gold price today climbed to a new lifetime high of $2,263.53 per ounce in the international market. Spot gold price today opened flat at around $2,233 per ounce level but soon gathered upside momentum and touched an intraday high of $2,259 level, which turned out a new record high for the yellow metal.

Following the rally in the international market, the MCX gold rate today (Gold Futures contract for April 2024 expiry) opened upside and went on to touch an intraday high of ₹69,487 per 10 gm level, which turned out a new lifetime high for the precious yellow metal.

Why is gold price skyrocketing?Asked about the reasons that are fueling gold prices across the world, Anuj Gupta, Head of Commodity & Currency at HDFC Securities said, “Gold prices are escalating due to rise in the geopolitical tension in the Middle East and US Fed rate cut buzz.”

Anuj Gupta said that the gold price has given a breakout above the $2,250 level in the intraday session. If the precious yellow metal sustains above the $2,250 level, then we can expect the yellow metal to move towards the $2,300 per ounce level in the near term.

“Gold prices have moved steadily higher over the last six months as expectations of a dovish Fed policy have been gaining ground. The fall in interest rates is a positive for gold prices. The gold prices breaking key long term resistance levels indicate there may be strong momentum which may continue over the near to medium term, some profit may not be ruled out though. The key monitorable remains the expectations building around the timing of Fed rate cut,” said Dr. Joseph Thomas, Head of Research at Emkay Wealth Management.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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