Chhattisgarh CM meets Aviation minister Naidu to expand air services
This move is expected to boost the state's economic and industrial growth, as well as meet the growing demand for overseas connectivity.
The ongoing geopolitical and economic uncertainties like higher inflation, China economic jitters, and the pandemic-related economic distortions amid the Russia – Ukraine war continue to offer support to the safe haven status of gold in the immediate run, said Hareesh V, Head of Commodities at Geojit Financial Services.
Hopes of a demand recovery from India may also contribute to the trend. However, it is unlikely for major rallies due to uncertainties over US rate hikes and the performance of US assets, he said.
“Investors can cautiously increase their exposure to gold as prices corrected about 5 percent from their all-time highs and the key demand season is nearing, which may increase the demand and thus the price of the metal. In addition, a weak Indian Rupee also offers additional support to the yellow metal,” he said.
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Jateen Trivedi, VP Research analyst at LKP Securities, said given the ongoing trend of global central banks acquiring gold and the uncertain global economic landscape, gold prices are anticipated to remain steady, if not rise significantly due to the impact of a stronger dollar and elevated interest rates. However, the trajectory could swiftly change. The moment the Federal Reserve hints at a potential pause in its rate hikes or even the possibility of an interest rate cut, gold prices are likely to surge.
Taking these factors into account, investors can reasonably project an optimistic outlook for gold, foreseeing price levels in the range of Rs 61,000 to Rs 62,000 (per 10 gm) by the close of the year. It’s a strategic move that aligns with both the weakening rupee and the traditional buoyancy of the festive season in India. For investors seeking to accumulate gold, a strategic entry point lies between the current levels of Rs 58,500 and Rs 57,000, he said.
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