Gold price today: Gold rates climbed in the domestic futures market on Tuesday morning amid a rising dollar and fresh geopolitical developments.
Today’s gold price: Tuesday morning saw an increase in gold prices on the domestic futures market as the yellow metal was supported by new geopolitical developments. But the yellow metal’s advances were limited by the growing dollar. Around 9:20 a.m., MCX Gold for the February 5 expiry was up 0.14 percent at ₹76,792 per 10 grams.
Israel and Hezbollah exchanged strikes after accusing one another of breaking a ceasefire deal, according to Reuters. The Israeli military attacked a number of Hezbollah locations in Lebanon on Monday.
“New Israeli strikes followed Hezbollah’s accusations of Israel violating a ceasefire agreement and firing missiles on an Israeli military position in the disputed Shebaa Farms area,” according to Reuters.
In times of geopolitical unpredictability, gold prices typically rise.
However, gold prices were impacted by the dollar’s increase relative to its international counterparts. Since gold is valued in US dollars everywhere, its demand is hampered when the value of the US dollar rises and becomes more expensive in other currencies.
To predict the US Fed’s interest rate trajectory, investors are currently concentrating on the most important US data.
The ADP employment report will be released on Wednesday, the payroll report on Friday, and the job openings data is coming later today.
When the US Fed meets on December 17–18, the market anticipates a 25 basis point rate drop.
