Quote on the Gold Outlook from Jateen Trivedi, LKP Securities.
Below the quote on the Gold Outlook from Jateen Trivedi, VP Research analyst at LKP Securities.
"Given the ongoing trend of global central banks acquiring gold and the uncertain global economic landscape, gold prices are anticipated to remain steady, if not rise significantly due to the impact of a stronger dollar and elevated interest rates. However, the trajectory could swiftly change. The moment the Federal Reserve hints at a potential pause in its rate hikes or even the possibility of an interest rate cut, gold prices are likely to surge.
Taking these factors into account, investors can reasonably project an optimistic outlook for gold, foreseeing price levels in the range of 61000 to 62000 by the close of the year. It's a strategic move that aligns with both the weakening rupee and the traditional buoyancy of the festive season in India. For investors seeking to accumulate gold, a strategic entry point lies between the current levels of 58500 and 57000."
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