![]() ![]() On the technical front, Comex spot gold's short-term technical setup remains bullish until the price hold above $1,950 per ounce and we expect the price can rally further to $2,119/$2,160 per ounce. Short-term inventors should wait for a minor correction in the gold price, buying would be preferable in the range of $1,980 to $2,000 per ounce. ![]() Investors should increase their weightage in gold for the horizon of one year. "Gold price remains an attractive investment option among the investors in the current scenario. Recently series of US macro data indicated the US economy has started losing momentum and possibly face recession in the second half of 2023," said Gandhi. Additionally, gold price remains supported by safe-haven demand amid ongoing concern over economic uncertainty. "The market is pricing in multiple US rate cuts later this year, which could be beneficial for non-yielding metal. Saumil Gandhi, Senior Analyst- Commodities at HDFC Securities is moderately bullish on gold for the short to medium term as multiple macro factors are still supportive for the yellow metal. On the back of weak and uncertain performance in risky assets, it is strongly advised to remain invested in gold for further 10-15 per cent returns on the base case and 15-20 per cent on bull case scenario," said Trivedi. "The prices can easily touch ₹66,000-68,000 on base case performance before we reach the FY24 end next year. Jateen Trivedi, VP of Research at LKP Securities believes gold still looks lucrative as inflation still remains high globally and the interest cycle which is yet to ease, will also provide the push needed for gold to run and give a 10-15 per cent return in FY24. Gold's near and medium-term outlook appears bright and other than the macroeconomic factors, domestic gold is expected to get support from the ongoing wedding season and upcoming festivals. ![]() Many factors, including rate cuts, easing dollar index and macro uncertainty may favour gold prices in the medium term. View Full Image Gold's performance in the recent past. ![]()
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