February 21, 2024
Stocks

Today's gold price is on the rise, with the precious metal trading higher as investors anticipate the release of minutes from the US Federal Reserve meeting.

Gold prices remained stable, supported by a slightly weakened dollar, as investors awaited the release of minutes from the recent US Federal Reserve policy meeting for further insights into its interest rate trajectory. Spot gold held steady at $2,024.00 per ounce, while US gold futures dipped 0.2% to $2,035.00 per ounce. In India, gold prices experienced marginal gains on Wednesday, tracking the stable international gold prices amid a softening dollar ahead of the release of the US Federal Reserve policy meeting minutes. MCX gold prices were up by ₹76, or 0.12%, reaching ₹62,243 per 10 grams, while MCX silver prices increased by ₹150, or 0.21%, to ₹71,405 per kg. Reuters reported that international gold prices remained steady, supported by a slightly weaker dollar, as investors awaited clarity on the Fed's interest rate path from the minutes of its recent policy meeting. The US dollar index declined by 0.1%, making gold priced in greenbacks more attractive to foreign buyers. Ajay Kedia, Director of Kedia Advisory, noted that gold prices received a boost from China's decision to lower key mortgage interest rates. Additionally, physical gold premiums in India surged to their highest levels in over four months as demand strengthened. It is anticipated that gold demand in India will rise to 800-900 tonnes in the calendar year 2024. Traders are eagerly anticipating insights from the minutes of the last Federal Open Market Committee (FOMC) meeting. Kedia provided a trading range for gold for the day, suggesting support at ₹61,980 and resistance at ₹62,310.

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