Gold rate today Live: Yellow Metal Hovers Around ₹72,000 per 10 Grams: Is It Time to Buy or Cash In?

Gold rate today Live: MCX Gold October futures have risen for the past four sessions, with ₹72,500 per 10 grams seen as a key resistance level for now. Analysts maintain a bullish outlook and recommend going long on every dip.

Gold prices on the MCX traded higher on Wednesday, following international bullion prices, which are hovering near record levels amid optimism about a potential interest rate cut by the US Federal Reserve. Silver prices also climbed to a four-week high, driven by a weakening dollar index and strong demand from China.

MCX gold was up 0.28%, trading at ₹71,979 per 10 grams, while MCX silver prices increased by 0.21% to ₹84,912 per kg.

Internationally, gold prices traded just below record highs after a rally spurred by Western fund inflows and optimism over a US rate cut. Spot gold rose 0.1% to $2,517.38 per ounce, after reaching an all-time high of $2,531.60 on Tuesday. US gold futures increased by 0.2% to $2,555.20. So far this year, gold prices have surged by about $460, or 22%.

The dollar slipped to its lowest level this year against the euro, while benchmark 10-year Treasury yields also declined, making non-yielding bullion more appealing to holders of other currencies.

“We anticipate the US Federal Reserve will implement a 25 basis point rate cut at its September meeting, following strong retail sales data in July. Another jobs report is due before the September meeting, so opinions remain divided on whether the cut will be 25 or 50 basis points. Additionally, geopolitical uncertainties and significant global ETF inflows continue to support the bullish trend in gold,” said Jigar Trivedi, Senior Research Analyst for Currencies & Commodities at Reliance Securities.

MCX Gold October futures have gained for the past four sessions, with ₹72,500 per 10 grams seen as a key resistance level for now. The market remains bullish, and Trivedi recommends going long on every dip.

Investors are now awaiting the release of the Federal Reserve’s latest meeting minutes, expected later today, to gain insight into the potential depth of upcoming rate cuts. Additionally, Fed Chair Jerome Powell’s speech on the US economic outlook at the Jackson Hole Symposium this Friday will be closely monitored.

According to the CME FedWatch tool, traders have fully priced in a rate cut at the Fed’s September meeting, with a 68% probability of a 25 basis point reduction, as reported by Reuters.

“Gold and silver have shown significant price volatility, with gold reaching a new all-time high of $2,531 per troy ounce in the spot market. The weakening dollar, alongside the ongoing crisis in China’s real estate sector, has made gold and silver attractive investment options. Robust demand from China continues to support the prices of these precious metals,” said Rahul Kalantri, VP Commodities at Mehta Equities Ltd.

Gold rate today Live: Gold Support/Resistance Levels

According to Rahul Kalantri, gold has support at $2,502 – $2,485, with resistance at $2,532 – $2,550. For silver, support is at $29.22 – $28.96, with resistance at $29.74 – $29.98.

On the MCX, gold finds support at ₹71,510 – ₹71,320, while resistance is at ₹71,980 – ₹72,220. Silver is supported at ₹84,250 – ₹83,780, with resistance at ₹85,400 – ₹85,950, Kalantri added.