<p>According to Hareesh V, Head of Commodities at Geojit Financial Services, the ongoing geopolitical and economic uncertainties, such as higher inflation, anxiety over China’s economy, and pandemic-related economic distortions due to the Russia-Ukraine war, continue to support gold’s status as a safe haven in the short term.<img decoding=”async” class=”alignnone wp-image-147063″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-download-2023-08-26t182433.158-11zon.jpg” alt=”theindiaprint.com download 2023 08 26t182433.158 11zon” width=”1238″ height=”824″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-download-2023-08-26t182433.158-11zon.jpg 275w, https://www.theindiaprint.com/wp-content/uploads/2023/08/theindiaprint.com-download-2023-08-26t182433.158-11zon-150×100.jpg 150w” sizes=”(max-width: 1238px) 100vw, 1238px” title=”Gold prices are supported by geopolitical unpredictability 6″></p>
<p>The pattern may also be influenced by expectations of a resurgence in Indian demand. He said that given the uncertainty around US rate rises and the performance of US assets, significant rallies are improbable.</p>
<p>The crucial demand season is approaching, which may raise demand and thus increase the price of the metal, so investors should carefully increase their exposure to gold since prices have corrected by around 5% from their all-time highs. A weak Indian Rupee also provides extra support to the yellow metal, the economist said.</p>
<p>According to Jateen Trivedi, VP Research analyst at LKP Securities, the impact of a stronger dollar and high interest rates will cause gold prices to remain stable, if not rise significantly, given the ongoing trend of central banks buying gold and the uncertain global economic landscape. The course, though, might abruptly alter. Gold prices are anticipated to increase the instant the Federal Reserve suggests a possible halt in its rate rises or even the prospect of a rate decrease.</p>
<p>With these variables in mind, investors may predict with some degree of confidence that gold will end the year with prices between Rs. 61,000 and Rs. 62,000 (per 10 gm). It’s a calculated move that takes into account both the declining value of the rupee and the customary jubilation of the Indian holiday season. A critical entry opportunity for investors looking to buy gold is between the current prices of Rs 58,500 and Rs 57,000, he added.</p>
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