Gold prices have surged into uncharted territory, driven by Iran getting directly involved in the escalating conflict between Israel and Lebanon. This latest catalyst in geopolitical tension has fueled a bullish sentiment, with gold now trading at all-time high levels. Market analysts are now projecting one-year targets between $2,900 and $3,200 per ounce, up from the current $2,650.
Since the beginning of September 2024, the yellow metal has gained 5.24 per cent in international markets and 4.5 per cent in Mumbai's spot market. The rally shows no signs of slowing.
“The gold train is running without breaks,” said T Gnanasekar, co-founder and CEO of Commtrendz Research. “The US Federal Reserve's decision to cut interest rates has created a favorable environment for a bullish trend in gold.”
Stimulus measures from China, uncertainties surrounding the US presidential elections, and the recent flare-up in West Asia are boosting this rally, he pointed out.
This story is from the October 03, 2024 edition of Business Standard.
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This story is from the October 03, 2024 edition of Business Standard.
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