Gold Prices Soar: Navigating Economic Uncertainty and Geopolitical Tensions
Gold prices have hit record highs, driven by US macroeconomic trends and geopolitical factors. Investors anticipate upcoming US employment data and global PMI readings. Analysts predict market fluctuations amid festive demand in India and economic tensions, with potential corrections despite positive outlooks for bullion.
- Country:
- India
Gold prices have surged to record highs in the domestic market, with pivotal factors in the coming days being the focus of investors. Analysts suggest that US macroeconomic data and escalating geopolitical tensions will be key in determining the future trajectory of this precious metal.
Upcoming US employment figures, along with purchasing managers' index (PMI) readings from major global economies, are highly anticipated. Market watchers are also keenly observing speeches by various Federal Reserve officials for further insights into economic trends, according to Pranav Mer, Vice President of JM Financial Services.
Driven partially by the weakening rupee against the US dollar, gold prices recently reached Rs 1,04,090 per 10 grams on the MCX platform. Analysts expect some profit booking but maintain a positive outlook for bullion, projecting an upside potential of up to Rs 1,10,000 per 10 grams in the short term.
(With inputs from agencies.)
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