Gold Prices Soar to Record Highs Amid Global Economic Indicators

Gold prices have reached unprecedented highs, prompting analysts to predict potential short-term profit booking. The future of gold's trajectory hinges on crucial global economic indicators such as US inflation data and the European Central Bank's upcoming policy meeting.

Market participants are keenly observing key metrics, including the US Producer Price Index and Christine Lagarde's speech at the ECB. Analysts stress the significance of inflation numbers from major economies, alongside consumer sentiment data from the US.

The surge in gold's value coincides with strong exchange-traded fund inflows, central bank purchases, and a weaker US dollar. In India, festive demand and ongoing geopolitical tensions further bolster the precious metal's prospects.

(With inputs from agencies.)