Gold Looks Resisted at Higher Levels, Awaiting Fresh Triggers: Emkay Wealth Management
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According to its latest Navigator report, Emkay Wealth Management cited that gold may be able to sustain at higher levels only if the Fed cuts rates, and the US$ starts declining against currency majors.
As of 30th April, 2024, physical gold has delivered a CAGR of 19.42% in 12-month period and absolute returns of 6.78% (1-month period) during the month of April.
Gold prices moved up from the US$ 2050 base, where it was hovering around for a long time, to a new range mainly due to the tensions that emerged in the Middle East, and also on the back of the Fed stance in relation to the policy rate. The geo-political situation has de-escalated to the comfort of the markets, though further escalation in geopolitical tension cannot be ruled out. While gold may still continue to be resisted at the current levels close to US$2370 - US$2390, the probability of any deeper corrections looks weak due to central bank demand and retail demand.
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