Index Fund Corner
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Current prices and trends
Spot gold fell 0.5% to $3,029.86 per ounce as of 0500 GMT after reaching an all-time high of $3,057.21 per ounce on Thursday (March 20).
Bullion has gained about 1.5% this week.
US gold futures eased 0.2% to $3,037.50.
In India, 24K gold rose by ₹10 to hit a lifetime high of ₹90,670 per 10 grams, while 22K gold reached ₹83,110 per 10 grams, according to Upstox data.
Factors influencing gold prices
Kelvin Wong, senior market analyst at OANDA, attributed the dip in gold prices on March 21 to the stronger US dollar.
The Federal Reserve maintained its benchmark interest rate at 4.25%-4.50% and projected two rate cuts by year-end. Lower interest rates typically boost gold’s appeal as a non-yielding asset.
Geopolitical tensions also impact gold prices. Israel resumed bombing in Gaza, killing 91 Palestinians and effectively ending a ceasefire.
Such conflicts drive investors toward safe-haven assets like gold.
Market outlook
Kyle Rodda, financial market analyst at Capital.com, noted that gold could see a brief pullback to around $3,000 per ounce before continuing its uptrend.
Rahul Kalantri, VP of Commodities at Mehta Equities, highlighted strong swings in gold due to mixed US economic data and geopolitical risks. Gold has support at $3,015-$2,988 per ounce and resistance at $3,054-$3,070 per ounce. In Indian markets, support stands at ₹88,340-87,980 per 10 grams, while resistance is at ₹89,050-89,450 per 10 grams.
Jateen Trivedi, VP at LKP Securities, warned that improving risk sentiment might trigger further corrections in bullion. He expects a potential decline of $30-$50 per ounce in the near term, with MCX gold finding support at ₹87,500 per 10 grams and resistance at ₹89,000 per 10 grams.
Investment perspective
Despite short-term corrections, gold remains an attractive hedge against economic and geopolitical turmoil.
With gold reaching 16 record highs this year, analysts expect strong interest in the yellow metal to continue.
–With Reuters inputs
