Gold Regains its Shine as Bargain Buying Boosts Prices

Published on Sep 22, 2023 14:05

Gold futures inched up again today after falling nearly $30 an ounce in yesterday’s session on stronger US dollar following a more hawkish stance from the US Federal Reserve. The Fed signaled another rate increase in the near future and fewer rate cuts for the following year.

In Europe, the Bank of England unexpectedly held interest rates steady, citing lower inflationary pressures and uncertain economic growth. However, they left room for potential rate hikes in the future. Meanwhile, the Bank of Japan maintained its accommodative monetary policy in pursuit of a sustainable 2% price stability target along with wage increases.

MCX October gold futures were last seen trading up Rs 40 at Rs 58862 per 10 grams. The metal hit the low of Rs 58685 levels yesterday and bounced back. Today it might face a resistance near Rs 58990 levels.