Gold price jumps for second straight week on US Fed rate-pause buzz

Following weakness in US dollar amid US Fed rate-pause buzz in upcoming FOMC meeting next week, gold price continue to rise for second straight week. Gold future contract for August 2023 on Multi Commodity Exchange (MCX) finished at Rs.59,840 per 10 gm. In international market, gold price ended at $1,960 per ounce levels.

According to commodity market experts, gold and silver prices are sideways to positive as US dollar has retraced from its ten week higher levels as market is speculating rate-pause from the US Federal Reserve in upcoming Federal Open Market Committee or FOMC meeting scheduled next week from 13th to 14th June.

They said that after surge in US jobless claims to highest levels in last one and half years, US central bank may feel the pressure to end interest rate hike cycle.

They advised 'buy on dips' strategy to gold investors as gold is currently sideways to positive and one should see every dip as a n opportunity to buy or accumulate.