Geopolitical turmoil reignited demand for safe investments.
Gold price slipped below ₹79,000 level in the national capital on Monday. In Delhi, the price of gold fell by Rs 190 to Rs 78,960 per 10 grams. All India Bullion Association gave this information. According to PTI news, on Friday, the price of gold of 99.9 percent purity closed at Rs 79,150 per 10 grams. On Monday, gold of 99.5 percent purity fell by Rs 190 to Rs 78,560 per 10 grams. On Friday, gold closed at Rs 78,750 per 10 grams.
gold in futures trading
In futures trade on MCX, gold contracts for February delivery rose by Rs 410 to Rs 77,029 per 10 grams. Geopolitical turmoil revived demand for safe haven investments, pushing gold prices on MCX higher. Rebel forces ousted Syrian President Bashar al-Assad from power, with Israeli involvement in Syrian territory and reports of Turkish-backed rebel activity increasing tensions.
What is the opinion of experts
South Korea’s leadership crisis, which includes President Yoon Suk Yeol’s escape from criminal investigation and impeachment, added to global uncertainty, said Jatin Trivedi, research analyst, VP of commodities and currencies at LKP Securities. In overseas markets, Comex gold futures rose $14.10 an ounce, or 0.53 percent, at 2,673. It became $70 per ounce. Gold rose in the European trading session on Monday as sentiment got a boost.
Expecting a big announcement from China
Saumil Gandhi, senior analyst, commodities at HDFC Securities, said a big announcement from China is expected, which will boost the outlook for overall demand. Gandhi also said that demand for safe havens continues to provide support to gold prices. China’s Politburo said it will implement more active fiscal policy and moderately loose monetary policy next year and boost consumption on all fronts and expand domestic demand.
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