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The price of 24-carat gold jumped by ₹440 per 10 grams, reaching ₹90,000. Meanwhile, 22-carat gold prices also increased by ₹400 to settle at ₹82,900 per 10 grams, according to Goodreturns data.
On the global front, spot gold hit a record high of $3,038.90 per ounce before stabilising at $3,035.12 per ounce.
Several key factors are fueling the rally in gold.Safe-haven demand has surged amid the ongoing conflict in the Middle East and renewed geopolitical risks.
“We have been bullish on gold due to multiple global factors, including rising protectionist policies and central bank gold accumulation,” said Sandip Raichura, CEO – Retail Broking and Distribution, PL Broking.
“With uncertainties in global trade and economic policies, gold could touch $3,300 per ounce in the coming months,” he said.
Investors are also closely watching the US Federal Reserve’s decision on interest rates.
A dovish stance or rate cuts could further support gold prices.
Additionally, central banks, including China and India, continue to accumulate gold reserves, adding to the upward momentum.
The US dollar index dropped to a five-month low, making gold more attractive to international buyers.
Inflation and trade tensions remain key concerns, pushing investors towards gold as a store of value.Gold has strong support at $3,005 per ounce and resistance at $3,065 per ounce, according to Rahul Kalantri, VP Commodities, Mehta Equities.
“In India, gold is expected to trade between ₹88,340-₹89,450 per 10 grams. If global uncertainties persist, we may see further upward momentum,” he noted.
Colin Shah, MD of Kama Jewelry, pointed out that gold’s safe-haven appeal remains strong.
What should investors do?
Short-term traders: Monitor Fed decisions and geopolitical developments, as any easing in tensions could lead to short-term corrections.
Long-term investors: Gold remains a strong asset for portfolio diversification. Experts suggest accumulating gold in dips for long-term gains.
Jewelry buyers: Prices are at record highs, so those planning gold purchases may consider waiting for potential price corrections.
Gold prices are expected to remain volatile as global economic and political uncertainties unfold. If the Fed signals aggressive rate cuts or geopolitical risks escalate further, gold may continue its upward trajectory.
However, any positive developments in trade negotiations or economic stability could limit gains.
Investors should stay informed and consider expert recommendations while making investment decisions in gold.
–With Reuters inputs
