With the Goods and Services Tax (GST) of 3 per cent, gold is now priced at Rs 79,651 per 10 grams in the physical market, down from Rs 349 to reach Rs 80,000 per 10 grams.
Jateen Trivedi, VP Research Analyst, Commodities and Currencies, LKP Values said: “Gold prices extended their rally, surpassing $2,685 per troy ounce on Comex with gains of $13, while on MCX, gains of Rs 300 pushed prices close to Rs 77,000, marking all-time highs once again. This rally is being driven by growth uncertainty in risk asset returns, making gold an attractive allocation for investors ongoing geopolitical tensions in the Middle East, along with expectations that. more are produced. interest rate cuts, continue to support the bullish momentum in gold prices“.
The precious metal has strong support near Rs 76,300-76,500 on MCX, which should provide a cushion during any minor correction. On the upside, resistance is now seen extending towards Rs 77,250-77,450, with potential for further gains if safe haven is sought. demand persists. As global uncertainties remain high, gold could continue to generate buying interest in the near term,” Trivedi added.
Gold’s record rally continues amid uncertainty surrounding the US elections and rising tensions in the Middle East, keeping demand for safe haven assets strong. “Also the easing of monetary policies globally is adding more support. However, prices have risen so far this week and are up 1.5%, we advise investors to remain cautious as they could see some profit reserves in the bullion,” Pranav Mer said. Vice President of Research (Commodities and Currencies) BlinkX and JM Financial.
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