Gold rate at four-month low due to weak demand and US inflation, may rebound, suggesting neutral.

From Hindustan Times: 2024-07-28 22:40:00

Last week, gold prices plummeted due to weak demand in China. In India, prices dropped 9% after a 9% customs duty cut on gold and silver. However, a slight recovery was seen after US PCE inflation data. Experts predict a rebound after the US Fed’s September meeting, with gold prices supported at ₹66,300 on MCX. Technical charts suggest a possible rally if prices break above $2,405 on COMEX. Bulls and bears are in a standoff, awaiting US Fed rate cut news and Chinese demand improvement. Investors should consult experts before making any investment decisions.



Read more at Hindustan Times: Gold rate today at a four-month low. Should you buy as cooling US inflation fuels US Fed rate cut buzz?