Gold prices surged to a three-week high as the US dollar hit a five-month low and speculations of a US Federal Reserve rate cut in March 2024 gained momentum.
Spot gold opened at $2,077, reaching an intraday high of $2,088, while domestic gold futures on MCX opened at ₹63,728 and touched ₹63,821. Silver prices mirrored the trend but faced profit booking.
The focus on a potential US Fed rate cut fueled the Santa Claus rally in gold. Analysts suggest a "buy on dips" strategy, anticipating a bullish trend, with key levels ranging from $2,080 to $2,095 and ₹63,200 to ₹64,000.