Gold rate today: Yellow metal rises ahead of US inflation prints; experts share key levels for MCX Gold rate today

Gold rate today: Gold price increased in the domestic futures market Friday morning, tracking positive global cues as investors shifted their focus to the US core personal consumption expenditures (PCE) price index data, due later today, amid hopes of aggressive rate cuts by the US Fed this year.

MCX Gold traded 0.05 per cent up at ₹76290 per 10 grams around 9:30 am.

In the international market, gold hit a record high of $2,685.42 on Thursday. The yellow metal has been hitting highs since the US Fed cut rates by 50 bps on September 18, signalling that more rate cuts were in the offing.

Meanwhile, data on Thursday showed that US weekly jobless claims fell by 4,000 to a four-month low of 218,000. This was below the 2,25,000 forecast by economists in a Reuters poll.

Moreover, data showed the US economy remained strong in the second quarter, easing concerns over a recession in the world’s largest economy.

US Gross domestic product (GDP) increased at an unrevised 3 per cent annualised rate last quarter. Growth in the first quarter was revised up to a 1.6 per cent rate from the previously reported 1.4 per cent pace.

Expectations remain high that the US central bank will cut rates by a 100 bps cumulatively in November and December.

“Soaring gold prices are driven by the Fed’s decision to ease liquidity through a sharp 0.50 per cent rate cut and projections of further rapid rate cuts of 1 per cent in 2024 and another 1 per cent by 2025. The upward trend remains strong as long as the $2,600 support level in Comex is held,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.

Experts share key levels for MCX Gold today

According to Trivedi of LKP Securities, on the MCX, support for gold is placed at ₹74,800 in the short term, with resistance around ₹76,000 as the next key level.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $2,651-2,640 while resistance is at $2,684-2,699. Silver has support at $31.55-31.35 while resistance is at 32.05-32.22.  

In INR terms, gold has support at ₹75,150-74,870, while resistance is at ₹75,690-75,880. Silver has support at ₹91,450-90,750, while resistance is at ₹92,990-93,680.

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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.