Experts say that the price of gold is expected to reach Rs 85,000.
The enthusiasm for gold continues in the new year. In the national capital, gold rose by Rs 330 to Rs 79,720 per 10 grams on Thursday. On Wednesday, the precious metal had closed at Rs 79,390 per 10 grams. According to PTI news, on Wednesday, the price of gold of 99.5 percent purity increased by Rs 330 to Rs 79,170 per 10 grams from the previous closing price of Rs 78,840 per 10 grams. All India Bullion Association says that gold prices have received support due to continuous buying by jewelers and retailers.
Effect of rise in international markets also
According to the news, traders said that the rise in prices of precious metals in the international markets helped the bullion prices. Meanwhile, gold contracts for February delivery rose by Rs 205, or 0.27 per cent, to Rs 77,098 per 10 grams in futures trade on MCX. In the domestic market, gold gained positive momentum above Rs 77,300, which was supported by Comex gold holding above US $2,640.
gold in futures market
This rise was further boosted by the weakness of the rupee. Jatin Trivedi, Vice President Research Analyst – Commodity & Currency, LKP Securities, said the combination of international strength and currency dynamics has strengthened the bullish sentiment for gold. In overseas markets, Comex gold futures rose $8.50 an ounce, or 0.32 percent, at 2,649. Reached $50 per ounce. HDFC Securities Senior Analyst – Commodities Saumil Gandhi said spot gold started trading positive on the first day of 2025, continuing last year’s bullish trend after the New Year holidays.
This is what the expert has to say
Gandhi said market participants are now focusing on key macroeconomic data including unemployment claims and manufacturing PMI from the US, which will be released on Thursday and Friday, which could create further volatility in the bullion market. Augmont – With continued geopolitical, political and macro uncertainty, gold is expected to retain its attractiveness as a hedge against inflation, said Renisha Chainani, head of research at Gold for All.
Chainani said investors may adopt a ‘buy on dip’ strategy as the metal is expected to experience fluctuations from time to time, but the long-term outlook for the next 5-6 months remains favorable and for gold. Prices are expected to reach $3,000 (Rs 85,000).
Latest Business News
