Gold prices surged over Rs 99,000 per 10 grams in the national capital, driven by increased buying from jewellers and stockists ahead of Akshaya Tritiya. The rise in prices is attributed to global economic uncertainty, geopolitical tensions, and significant central bank purchases.
Experts suggest that gold remains a strategic investment, especially amid escalating geopolitical tensions and inflationary pressures. Central banks in Asia are bolstering their gold reserves to reduce reliance on the US dollar, further enhancing gold’s status as a safe-haven asset against market uncertainties.
While short-term price fluctuations are expected, the long-term outlook for gold remains positive. Investors are advised to diversify their holdings by considering options like digital gold, sovereign gold bonds, and ETFs, which offer flexibility and potential returns beyond physical gold.
For traders, initiating long positions within specific price ranges can be a viable strategy, with targets set for future price levels. Meanwhile, accumulating gold through a Systematic Investment Plan (SIP) during price dips is recommended for medium to long-term investors.
As Akshaya Tritiya approaches, the allure of gold as a safe asset intensifies, especially with a 47% surge in gold prices over the past year. Investing in Gold ETFs or exploring lower-cost alternatives from reputable financial institutions can provide exposure to gold’s price appreciation without the constraints of physical ownership.
Despite the recent rally in gold prices, factors like trade tensions and economic data could influence future price movements. A consolidation phase may occur if geopolitical tensions ease or economic indicators show unexpected strength, potentially impacting gold prices in the near term.
Current gold rates in major cities like Delhi, Kolkata, Mumbai, and Chennai reflect the broader market trends, with variations in prices based on purity and demand. Investors are advised to consult financial advisors before making investment decisions to navigate the dynamic gold market effectively.
In conclusion, the evolving economic landscape underscores the enduring appeal of gold as a valuable asset class. Whether as a short-term trade or a long-term investment, gold continues to captivate investors seeking stability and growth potential amidst global uncertainties.