Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
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Below the Quote on Gold by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
"Gold prices have surged again, with buying interest in safe-haven assets such as bullion remaining strong as risky assets continue to underperform. On the MCX, gold prices have risen to Rs.78,300, reflecting a Rs.300 gain, and the bullish momentum continues to drive prices higher. As investors seek refuge in precious metals amid global economic uncertainties, geopolitical tensions, and concerns about the performance of traditional risk assets, gold continues to breach fresh levels above Rs.78,000.
The next resistance levels are anticipated around Rs.78,750-Rs.79,000, while support is seen in the Rs.77,800-Rs.78,000 range. With the risk barometer staying high, this persistent demand for bullion is likely to keep driving gold prices upward in the near term. Market participants will be closely watching for any developments in interest rates, global conflicts, and macroeconomic data, as these factors will play a key role in shaping gold's trajectory."
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