Gold is expected to trend higher in the immediate term. Technically, the price targets for gold remain at $1,990 and $2,030, according to Emkay Wealth Management.
Contrary to the usual trend of gold moving up significantly in the weaker dollar scenario, the safe haven status has assumed significance despite a strong dollar scenario, the report said.
The ongoing Middle East conflict has boosted investors’ preference for gold which has resulted in upward price mobility in the asset class. Gold prices have remained well supported at $1,880 and $1,860 levels.
Taking a perspective before the situation of conflict arose, despite persistent inflation across all major economies, gold was not able to rise much because with inflation came extremely hawkish monetary policy, which pushed interest rates higher.
The rise in money market yields made currency yields attractive and this has resulted in gold moving sideways most of the time. But the more interesting fact is that gold prices have not broken through any key support levels convincingly in the last three months.
On the supply front, the expectation is that fresh supply from the mines as well as of used gold will be relatively high.
“We also expect continued demand from central banks. An easing monetary policy stance is projected to come into effect in mid-2024 which will help bring an incremental value to the investors taking long positions from now," the report said.
Sachin Tendulkar honoured with Lifetime Achievement Award at BCCI Naman Awards 2025
The Board of Control for Cricket in India (BCCI) honoured exceptional achievements in Indian cricket at the prestigious Naman Awards here on Saturday. A historic moment of the evening was the presentation of the coveted Col. C.K. Nayudu Lifetime Achievement Award to Bharat Ratna Sachin Tendulkar,
Budget 2025-26 to boost incomes of street vendors, spruce up cities
Union Finance Minister Nirmala Sitharaman on Saturday announced the setting up of a Rs 1 lakh crore fund for the development of cities and a revamp of the Prime Minister Street Vendors Atma Nirbhar Nidhi (PM SVANidhi) to enhance the earnings of street vendors as part of her Budget proposals.
Eight MLAs who quit AAP join BJP, a blow for Kejriwal’s party before Delhi polls
With just four days to go before the Delhi Assembly elections on February 5, eight legislators who resigned from the Aam Aadmi Party (AAP) on Friday joined the Bharatiya Janata Party (BJP) on Saturday.
80 patrols conducted along India-B'desh border, 40 village meetings held: BSF
Maintaining full cooperation with the Border Guard Bangladesh (BGB), India's Border Security Force (BSF) has conducted nearly 80 simultaneous coordinated patrols along the India-Bangladesh frontiers in the recent past, officials said here on Saturday.
In true 'Vishwa Bandhu' spirit, India allocates Rs 5,483 crore for foreign aid in Union Budget 2025
The Ministry of External Affairs (MEA) has allocated Rs 5,483 crore for aid to foreign nations, slightly higher than last year's Rs 4,883 crore, it was announced in the Union Budget 2025-26 on Saturday.
200 new Vande Bharat trains, 100 Amrit Bharat trains in next 2-3 years: Ashwini Vaishnaw
Calling the Union Budget 2025-26 "amazing", Union Railways and Electronics and IT Minister, Ashwini Vaishnaw on Saturday said that with the big allocation to it, Indian Railways is all set to expand faster, safer and comfortable rail travel across the country.
Union Budget 2025: 50,000 Atal Tinkering Labs to be set up in govt schools in 5 years
Union Finance Minister Nirmala Sitharaman on Saturday announced to set up 50,000 Atal Tinkering Labs in government schools in the next five years.
Israel releases 183 Palestinian prisoners in latest swap with Hamas
Israel released 183 Palestinian prisoners on Saturday in the fourth prisoner-for-hostage swap under the ongoing truce deal with Hamas, according to Palestinian sources.