Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
Below the Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
"Gold prices maintained their upward trajectory, rising by Rs.500 to Rs.78,250 in MCX, with Comex gold gaining $10 to reach $2,730. The ongoing escalation of conflict in the Middle East continues to act as a strong support for gold, as investors seek safe-haven assets amid rising geopolitical risks. Additionally, the downward trajectory in the interest rate cycle, coupled with broader global economic uncertainty, has further bolstered the yellow metal. Major central banks' consistent support for gold buying adds to its bullish outlook in the current risk-averse environment.
On the technical front, gold has solid support between Rs.77,000-Rs.77,250 in MCX, providing a floor for any short-term pullbacks. On the upside, resistance is seen in the range of Rs.78,550-Rs.78,775, indicating the next potential targets for further gains. Given the current geopolitical and economic backdrop, gold's upward momentum is likely to persist, with any dips being viewed as potential buying opportunities in the market."
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