Gold prices are on an uptrend today, driven by increasing safe-haven demand amid uncertainty surrounding President Donald Trump’s tariffs and geopolitical tensions, notably the ongoing Russia-Ukraine conflict.
Current Gold Trends
MCX Gold opened at ₹85,399 per 10 grams, touching an intraday high of ₹85,518.
Spot Gold traded near $2,891 per ounce, following a 1.2% increase on Monday.
Key Drivers of the Rise
Donald Trump’s Tariffs: The uncertainty regarding tariffs on trade partners, including the imposition of a 20% levy on China and tariffs on Mexico and Canada, continues to drive demand for gold as a safe haven.
Geopolitical Tensions: The Russia-Ukraine war is also influencing gold, with a pause on US military aid to Ukraine, adding to market uncertainty.
Market Outlook
According to Jateen Trivedi, VP of Research at LKP Securities, gold prices are expected to range between ₹83,800 and ₹85,700 per 10 grams in the short term.
Anuj Gupta, Vice President at HDFC Securities, suggests that any dip in gold prices should be viewed as a buying opportunity, with key support at ₹83,800 per 10 gm or $2,830 per ounce.
Goldman Sachs analysts have indicated that the price could potentially rise as high as $3,300 an ounce by the end of 2025, given the ongoing policy uncertainty and global trade tensions.
Is It Time to Buy Gold?
Considering the current market conditions, gold presents a buying opportunity:
Support Levels: The current support at ₹83,800 suggests that any price dip within this range could be a good entry point for investors.
Upside Potential: With concerns about tariffs, geopolitical tensions, and market volatility, gold could continue to rise, potentially reaching new highs in the coming months, making it a solid choice for hedging against uncertainties.
However, it’s always advised to consult with a certified expert before making investment decisions, as market conditions can evolve quickly.
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