look news india
Gold Price Outlook: Amid record breaking gains in stock markets, precious metals are also rapidly reaching new daily highs. Globally, gold today reached a new record high of $ 2350 an ounce. There is also a rise in silver. MCX Gold and MCX Silver also reached record highs.
“Gold has become attractive now, delivering huge returns against Bitcoin and other top currencies,” said David Rosenberg, president of Rosenberg Research and a leading economist. Gold has gained momentum due to the strengthening of the dollar, the possibility of decline in inflation and the Fed's rate cut announcement. Large-scale purchases of gold by central banks have increased. Japan, Russia, Turkey and countries including Poland, China are increasing their purchases in safe havens with the threat of a stronger dollar.
Central banks bought 361 tonnes of gold in the third quarter of 2023, while sold 77 tonnes in 2022. The shine of gold is increasing in emerging markets including India and China. The demand for silver has also increased in the industrial sector. Consumption has increased especially in the electronics sector. Due to which an increase in prices has also been seen.
Soon a jump of 15 percent will be recorded
Optimistic that gold's upward trend will continue, Rosenberg predicts a near-term rise of 15 percent. Moreover, if central banks start cutting interest rates, there is a possibility of an increase of up to 30 percent from the current gold prices. Global real interest rates have risen above their pre-2000 average. The US dollar will fall by 12 percent, while the price of gold will increase by 10 percent.
$2500 per ounce is the resistance level. Gold prices can be determined on geopolitical crises. Investors can increase buying during a slight fall in gold.