Gold Prices Reach New Highs
Despite the continuous rally in the US dollar rates and the US Treasury yield, gold prices finished higher for the fourth week in a row, reaching over ₹1,000 per 10 gm on Friday and touching a fresh high of ₹73,461 per 10 gm. Similarly, silver prices also hit a new peak of ₹85,051 per kg on MCX during Friday deals.
Reasons Behind the Surge
Commodity market experts attribute the soaring gold and silver prices to the rise in demand for them as safer havens. The escalating tensions in the Middle East due to Iran-Israel war buzz, coupled with US Fed rate cut speculations and aggressive gold buying by the Chinese central bank, are key factors fueling the rally in prices.
Insight from Market Analysts
Anuj Gupta, Head of Commodity & Currency at HDFC Securities, highlighted that the Iran-Israel war news is a primary reason for the surge in gold and silver prices. The unfolding events in the Middle East have heightened tensions, driving investors to seek safer assets like gold. Additionally, the US Fed rate cut buzz and increased physical gold purchases by the Chinese central bank are further supporting the price rally.
Market Dynamics
Jim Wyckoff, Senior Analyst at Kitco Metals, noted the robust safe-haven demand for gold despite the climbing US dollar index and Treasury yields. This demand underscores the strength of gold as a safe asset in uncertain times.
Outlook and Predictions
Advising investors, Anuj Gupta of HDFC Securities suggested maintaining a buy-on-dips strategy amidst the Iran-Israel crisis. He predicted that MCX gold prices could touch ₹75,000 per 10 gm if they breach the ₹73,500 level. Similarly, silver prices could reach ₹91,000 if they hold above ₹85,000. Furthermore, the Comex spot gold price has the potential to exceed $2500 in the coming weeks.
Goldman Sachs has raised its year-end gold price forecast to $2,700 per ounce, citing the metal’s resilience to conventional macro factors.
Gold Prices Reach New Highs
Despite the continuous rally in the US dollar rates and the US Treasury yield, gold prices finished higher for the fourth week in a row, reaching over ₹1,000 per 10 gm on Friday and touching a fresh high of ₹73,461 per 10 gm. Similarly, silver prices also hit a new peak of ₹85,051 per kg on MCX during Friday deals.
Reasons Behind the Surge
Commodity market experts attribute the soaring gold and silver prices to the rise in demand for them as safer havens. The escalating tensions in the Middle East due to Iran-Israel war buzz, coupled with US Fed rate cut speculations and aggressive gold buying by the Chinese central bank, are key factors fueling the rally in prices.
Insight from Market Analysts
Anuj Gupta, Head of Commodity & Currency at HDFC Securities, highlighted that the Iran-Israel war news is a primary reason for the surge in gold and silver prices. The unfolding events in the Middle East have heightened tensions, driving investors to seek safer assets like gold. Additionally, the US Fed rate cut buzz and increased physical gold purchases by the Chinese central bank are further supporting the price rally.
Market Dynamics
Jim Wyckoff, Senior Analyst at Kitco Metals, noted the robust safe-haven demand for gold despite the climbing US dollar index and Treasury yields. This demand underscores the strength of gold as a safe asset in uncertain times.
Outlook and Predictions
Advising investors, Anuj Gupta of HDFC Securities suggested maintaining a buy-on-dips strategy amidst the Iran-Israel crisis. He predicted that MCX gold prices could touch ₹75,000 per 10 gm if they breach the ₹73,500 level. Similarly, silver prices could reach ₹91,000 if they hold above ₹85,000. Furthermore, the Comex spot gold price has the potential to exceed $2500 in the coming weeks.
Goldman Sachs has raised its year-end gold price forecast to $2,700 per ounce, citing the metal’s resilience to conventional macro factors.
