Gold rate today, 16th April 2024: Despite disappointing US retail sales data and the US dollar climbing to the 5-month high, the Iran-Israel conflict continued its support to the gold price rally on Tuesday. Gold price today on the Multi Commodity Exchange (MCX), opened higher and went on to touch an intraday high of ₹73,169 per 10 gm within a few minutes of the commodity market’s opening bell. In the international market, gold price today is oscillating around $2,380 per troy ounce level.

Iran-Israel conflict in focusSpeaking on the outlook for gold price today, Anuj Gupta, Head of Commodity & Currrency at HDFC Securities said, “Overall outlook for gold price today looks positive. Rise in the geo-political tension due to the Iran-Israel conflict in Gaza is expected to continue supporting the gold price rally. So, any dip in gold rates today should be seen as a buying opportunity.”

Anuj Gupta of HDFC Securities went on to add that hotter-than-expected US retail sales data on Monday has once again showed that the consumer spendings in the US have remained strong. This is expected to fuel inflation, which may force the US Fed officials to delay the interest rate cut.

US dollar rates“US dollar rates are rising continuously as the US dollar index came close to 106.50 level in early morning session on Tuesday. The US dollar price has also touched a 5-month high but investors are looking at the safe haven in the wake of the rising geo-political crisis in the Middle East hence Monday’s dip in the gold price has been seen as a buying opportunity by gold investors,” said Anuj Gupta of HDFC Securities.

Kaynat Chainwala, Senior Manager — Commodity Research at Kotak Securities said, “COMEX Gold prices eased on Monday as the yield on the US 10-year Treasury note edged up to above 4.5% on Monday, with concerns in the Middle East easing temporarily due to US-led efforts to prevent conflict escalation after Iran’s attack on Israel over the weekend. At the same time, traders continue to focus on prospects that interest rates will remain elevated for some time, with the odds for a Fed’s ease in September currently standing at around 72%.”

Gold price today: Important levels to watch“In the international market, spot gold prices are in the $2,360 to $2,400 per troy ounce range. On breaching the $2,400 hurdle, gold prices may go up to $2,430 per ounce levels in the near term. Similarly, the MCX gold rate today is facing a hurdle at ₹73,500 per 10 gm level. On breaching this resistance, we can expect the gold prices to touch ₹75,000 per 10 gm level in the future market,” said Anuj Gupta.

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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