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Amid worldwide crises, gold continues to be a “safe haven” for investors throughout festival season

According to Emkay Wealth Management, the conflict has increased investors’ inclination for gold, which has caused the asset class’s price to go upward.theindiaprint.com amid worldwide crises gold continues to be a safe haven for investors throughout f

In the near future, gold prices are anticipated to gradually rise in front of Diwali. It should be mentioned that as tensions in the Middle East escalated and US Treasury bond rates increased in recent weeks, the price of gold has been climbing.

Gold is anticipated to rise in the near future as it is “considered a safe haven, especially in times of geopolitical uncertainty,” according to the report.

According to Emkay Wealth Management, gold prices will stay between USD 1,990 and USD 2,030.

In early trading on Wednesday, the price of 24-carat gold increased by Rs 240.

In Mumbai, ten kilos of 24-carat gold was selling for Rs 61,690, while in Delhi, it was selling for Rs 61,840.

Before the battle, Emkay pointed out, “gold was not able to rise much because with inflation came extremely hawkish monetary policy which pushed interest rates higher.” This was true despite ongoing inflation across all major nations.

It said, “Over the past three months, gold prices have not convincingly broken through any key support levels.”

It should be mentioned that even in the case of a strong dollar, gold has become a safe haven.

Regarding supply, it is anticipated that there would be a significant amount of both new and used gold coming from the mines.

Furthermore, it is anticipated that the monetary policy stance would loosen by the middle of 2024. This will assist in providing additional value to investors who are currently holding long positions.

 

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