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Gold Prices Hover Near Record Highs Amid Global Uncertainty

New Delhi: Gold prices are maintaining their strength near record highs, buoyed by expectations of easing monetary policies, persistent geopolitical tensions, and sustained buying from central banks.

In early Asian trading today, spot gold reached a record high of $4,445.69 per ounce, signaling continued global demand for safe-haven assets. Domestically, the upward trend continues, with 24-carat gold currently priced at ₹1,36,160 per 10 grams, 22-carat gold at ₹1,24,810, and 18-carat gold at ₹1,02,120, according to market data.

“Macroeconomic and technical factors are jointly supporting gold, maintaining its luster,” said Aksh Kamboj, Vice President of IBJA (India Bullion and Jewellers Association). “Global uncertainty is fueling demand for safe-haven investments, providing robust support to gold. Despite reaching record highs, investment demand remains strong.”

Fund managers attribute the surge to expectations of interest rate cuts in the United States and continuous purchases by central banks.

Satish Dondapati, Fund Manager at Kotak Mutual Fund, noted that strong investment demand, driven by global economic uncertainty and geopolitical tensions, is keeping gold prices near record highs. He emphasized gold’s importance as a hedge against inflation and currency fluctuations. However, Dondapati cautioned that a reduction in geopolitical risks or a strengthening of the US dollar could lead to short-term volatility and a consolidation phase for gold.

From a technical perspective, analysts anticipate near-term volatility after the recent surge. Jateen Trivedi, VP Research Analyst (Commodity & Currency) at LKP Securities, stated that gold is now in overbought territory, and profit-taking could occur if prices fall below ₹1.34 lakh per 10 grams. He identified ₹1.37 lakh as a resistance level. Trivedi noted that upcoming US data releases, including new home sales, the core PCE price index, and weekly jobless claims, will be closely monitored this week and will influence gold’s trajectory.

Disclaimer: Investment decisions should be made after consulting with a certified financial expert. Moneycontrol.com and its management are not liable for any advice or views expressed by experts or brokerage firms.

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