Gold rates today: Gold price jumps as Powell downplays rate hike buzz in US Fed meeting, US dollar rate dips

Speaking connected the crushed for the rally successful golden terms today, Anuj Gupta, Head of Commodity & Currency astatine HDFC Securities said, “Gold terms contiguous is successful uptrend aft the cautious attack by the US Fed successful FOMC meeting. The US Fed president has downplayed the US Fed complaint precocious buzz, which has gone down good successful the bullion market."

Also Read: US Fed policy: Rates stay unchanged; what should Indian investors do?

The HDFC Securities adept went connected to adhd that the cautious US Fed attack connected the involvement complaint has triggered profit-booking successful the currency marketplace and the US dollar rates person been dropping since Wednesday evening. He said that the US dollar scale has travel down to the tune of 105.50 levels aft inching adjacent to 106.50 levels connected Tuesday.

US Fed meeeting result successful focus

On however the US Fed gathering result is going to interaction golden terms today, Sugandha Sachdeva, Founder of SS WealthStreet said, 'Gold prices person witnessed a rebound aft the caller bout of corrective moves seen towards the extremity of April. This tin beryllium attributed to the displacement successful sentiment surrounding monetary argumentation by the US Federal Reserve. The yellowish metallic reacted positively arsenic the US Fed downplayed the anticipation of complaint hikes and indicated that it is yet leaning towards the monetary easing cycle. Despite the caller rebound successful golden prices prompted by signals of a imaginable easing rhythm from the US cardinal bank, it's important to enactment that the cardinal slope has maintained a cautious stance. While determination are indications of a cooling inflationary environment, the Fed has emphasized the request for greater assurance that ostentation volition scope the targeted 2 percent level earlier initiating immoderate complaint cuts."

Sugandha Sachdeva of SS WealthStreet said that the US Fed's cautious attack reflects the cardinal bank's committedness to ensuring stableness successful the system and the fiscal markets. By waiting for ostentation to amusement sustained momentum towards the target, the Fed aims to debar premature argumentation actions that could perchance destabilize the system oregon pb to unintended consequences.

Gold terms outlook

“As for the terms outlook, golden successful the planetary markets is seen uncovering immoderate cushion astir the $2300-2280 per ounce portion portion astatine the home markets, prices are underpinned by the Rs.70500-70400 per 10gm zone, starring to an uptick successful prices. Looking ahead, portion a betterment successful golden prices is anticipated, important absorption is expected astir the $2400 per ounce people oregon Rs.72600 per 10gm level successful the adjacent term," Sugandha added.

Disclaimer: The views and recommendations made supra are those of idiosyncratic analysts oregon broking companies, and not of Mint. We counsel investors to cheque with certified experts earlier making immoderate concern decisions.

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Published: 02 May 2024, 09:20 AM IST