Mint ImageAI Quick ReadGold rate today: Following the rise in crude oil prices and a strong US dollar, as Trump's address to the nation shattered hopes of a ceasefire in the US-Iran war. In the international market, the COMEX gold rate today crashed over $100 per troy ounce, hitting an intraday low of $4,681.57/oz. Currently, the gold price in the international market is trading above $4,700 with an intraday loss of around 2.50%.
Likewise, the MCX gold rate today opened downward at ₹1,52,490 and touched an intraday low of ₹1,50,480 per 10 gm, losing over ₹3,000 within a few minutes of the Opening Bell. Currently, the gold price on the Indian bourse is trading around ₹1,50,750 per 10 gm level, logging an intraday loss of around ₹3,000 per 10 gm.
Connecting the gold price fall to Trump's speech, Anuj Gupta, a SEBI-registered market expert, said that Donald Trump's address to the nation on Iran has shattered hopes of a ceasefire in the US-Iran war. He said the US president's vow to hit hard against Iran in the next few weeks has escalated tensions in the Middle East and renewed inflation fears.
On how these developments are affecting the gold price today, the SEBI-registered market expert said, “Soaring crude oil prices have renewed the inflation fears, which has hit the US Fed rate cutn hopes in the near-term.”
Expecting volatility in the gold rate today, Sugandha Sachdeva, Founder of SS WealthStreet, said, “Gold rate today in India is likely to find support near ₹1,35,000 to ₹1,33,500 zone, with a strong resistance zone seen around ₹1,57,600. A sustained break beyond this range will be required to establish a clear directional trend.”
Sugandha Sachdeva of SS WealthStreet said that much will depend upon the US payroll data, which is coming tomorrow and predicted MCX gold rates to remain in ₹1,35,000 to ₹1,57,000 per 10 gm range until this US payroll date becomes public on Friday.
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Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records.
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While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat.
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Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities.
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Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).