Current gold rate: The US dollar reached a five-month high today, but the Iran-Israel confrontation
Current gold rate: The US dollar reached a five-month high today, but the Iran-Israel confrontation

Current gold rate as of April 16, 2024: The Iran-Israel tension supported Tuesday's gold price increase even in the face of weak US retail sales data and a US currency that reached a five-month high. The price of gold on the Multi Commodity Exchange (MCX) began the day higher and, only minutes after the commodities market started, reached an intraday high of ₹73,169 per 10 gm. The price of gold is now fluctuating on the global market at a level of about $2,380 per troy ounce.
Israel-Iran tension is the forefront
Anuj Gupta, Head of Commodity & Currency at HDFC Securities, stated that the price of gold is expected to rise today. He described the situation as generally optimistic. The increase in geopolitical tension brought on by the Israel-Iraq war in Gaza is anticipated to keep driving up gold prices. Therefore, any decline in the price of gold today should be viewed as a chance to buy.
US Fed interest rate is under consideration
Anuj Gupta of HDFC Securities continued, saying that Monday's hotter-than-expected US retail sales statistics demonstrated once more how strong US consumer spending has remained. This is predicted to increase inflation, which would compel US Federal Reserve officials to postpone the interest rate reduction.

US dollar exchange rates
"US dollar rates are steadily increasing as the US dollar index approached the 106.50 mark early on Tuesday." Due to the growing geopolitical unrest in the Middle East, investors are seeking safe havens; hence, Monday's decline in the price of gold has been viewed by gold investors as a buying opportunity, according to Anuj Gupta of HDFC Securities. The US dollar has also reached a five-month high.
"COMEX Gold prices eased on Monday as the yield on the US 10-year Treasury note edged up to above 4.5% on Monday, with concerns in the Middle East easing temporarily due to US-led efforts to prevent conflict escalation after Iran's attack on Israel over the weekend," stated Kaynat Chainwala, Senior Manager, Commodity Research at Kotak Securities. Simultaneously, traders are still focused on the possibility that interest rates will stay high for some time, as the likelihood of a Fed rate hike in September is currently over 72%."

Important levels to monitor in the current gold price
Spot gold prices on the global market are between $2,360 and $2,400 per troy ounce. In the near future, gold prices could rise to $2,430 an ounce after breaking through the $2,400 barrier. Likewise, the current MCX gold rate encounters a barrier at the level of ₹73,500 per 10 gm. Anuj Gupta stated, "We can anticipate that the gold prices would hit ₹75,000 per 10 gm level in the upcoming market upon breaking through this obstacle.

Current gold rate: The US dollar reached a five-month high today, but the Iran-Israel confrontation is driving up the price of gold.