Gold prices surged to a new lifetime high of $2,259 per ounce in the international market today, driven by escalating geopolitical tensions in central Asia and speculation of a dovish stance from the US Federal Reserve on interest rates. The spot gold price opened flat at approximately $2,233 per ounce but quickly gained upward momentum, reaching an intraday high of $2,259, setting a new record for the precious metal.
Anuj Gupta, Head of Commodity & Currency at HDFC Securities, attributed the rise in gold prices to the increasing geopolitical tensions in the Middle East and speculation surrounding a potential rate cut by the US Federal Reserve.
Dr. Joseph Thomas, Head of Research at Emkay Wealth Management, noted that gold prices have steadily risen over the past six months as expectations of a dovish Fed policy have strengthened. The decline in interest rates has been favorable for gold prices, and the breaking of key long-term resistance levels suggests strong momentum that may continue in the near to medium term, although some profit-taking cannot be ruled out. The timing of the Fed rate cut remains a key factor to monitor.
Regarding the impact on gold prices in India, Anuj Gupta predicted that with spot gold prices currently hovering around $2,255 per ounce, approximately $22 per ounce higher than the previous close, the MCX gold price is expected to open above ₹68,000 per 10 grams on Monday.
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