Gold rate today hits record high of $2,259 on US Fed rate cut buzz, geopolitical tension. Buy, sell or hold?

Gold rate today: On account of the fresh escalation of the geopolitical tension in central Asia and the dovish US Fed on interest rates, gold price today climbed to a new lifetime high of $2,259 per ounce in the international market. Spot gold price today opened flat at around $2,233 per ounce level but soon gathered upside momentum and touched an intraday high of $2,259 level, which turned out a new record high for the yellow metal.

Why is gold price skyrocketing?

Asked about the reasons that are fueling gold prices across the world, Anuj Gupta, Head of Commodity & Currency at HDFC Securities said, “Gold prices are escalating due to rise in the geopolitical tension in the Middle East and US Fed rate cut buzz.”

On how it would impact gold prices in India, Anuj Gupta of HDFC Securities said, “Spot gold price is currently quoting around $2,255 per ounce level, which is nearly $22 per ounce higher from its previous close. So, we can expect MCX gold price to open above ₹68,000 per 10 gm on Monday.”

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