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Analysts attribute the rally to strong safe-haven demand.
“Gold continued its upward momentum due to persistent global uncertainty. Tariff concerns have reinforced gold’s status as a safe-haven asset, with banks and funds maintaining high allocations,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
Traders built fresh positions as markets awaited key events. The Federal Reserve and RBI meeting minutes, along with former US President Donald Trump’s speech, are expected to influence further price movements.
Gold prices are likely to remain volatile, with MCX trading expected within the ₹84,500-₹87,500 per 10 grams range in the near term, analysts predict.
Outlook for gold investment
Gold remains a preferred hedge against inflation and economic uncertainties. Analysts suggest that while short-term corrections may occur, strong fundamental demand supports long-term bullish sentiment.
For investors, the $2,890-$2,970 per ounce range will be crucial in the short term. In India, investors should watch ₹85,850-86,640 per 10 grams levels for trading cues.
–With PTI inputs
First Published: Feb 19, 2025 4:28 PM IST
