Should you invest in gold: Gold prices are increasing and once again it reached very close to record high. Gold is being invested rapidly as a safe option due to increasing economic uncertainties globally. Talking in the international market, the spot gold reached the price of $ 2,950.39 per ounce, which is just $ 6 from a record high of $ 2,956.15 per ounce. American gold futures jumped 0.1% to $ 2,967.40 per ounce. Talking in India, 24 carat gold jumped to 10 grams ₹ 87,880 and 22 carat gold reached ₹ 80,560.
Why the glow of gold is increasing?
Globally political uncertainty and the possibility of inflation due to American tariffs have increased the glow of gold. The market is currently eyeing whether US President Donald Trump will implement tariffs on imports from Mexico and Canada in March next month. This tariff was to be taken from 1 February this month but Trump slipped it a month ahead and its deadline is March 4. Apart from this, due to the uncertainty related to whether the Federal Reserve will cut interest rates, the sentiments of the investors are also being affected, but the market is already assuming that the rate cut will take a long time, then its impact on the gold prices at the moment. Is limited. Apart from this, investors are waiting for American Personal Consumption Expendcithers (PCE) report which will come on Friday and this will give some idea about the rate cut.
The Vice President (Commodities) of Mehta Equities, Rahul Kalantar said that the shopping and ETF inflow in the form of safe investment is accelerating gold. The demand for gold is increasing due to tension in a conversation with US President Donald Trump’s tariff, a drone attack on Ukraine and a ceasefire interaction between Israel-Hamas.
How will the glow of gold be in the coming time?
Culin Shah, MD, Cama Jewelery, believes that gold will be strong due to rising instability and weak economic figures of America. He believes that profit booking can be seen in the Near Term, but the trend in the long -term long -term is bullish and the gold can reach $ 3000 per ounce in the mid -term. According to Mehta Equity’s Rahul, Gold is getting support at $ $ 2,927- $ 2,895 per ounce and resistance is at $ 2,958- $ 2,975. Talking in the term of rupee, support is at ₹ 85,850- ₹ 85,620 and resistance ₹ 86,510- ₹ 86,740.
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