Gold prices have climbed sharply this month, rising 12% and crossing ₹1,60,000 per 10 grams on MCX. The rally is driven by US Treasury bond buybacks, a weaker dollar, inflation worries, and safe-haven demand amid global tensions. Spot gold touched $4,694 per ounce, showing strong investor interest in hard assets.
Experts say the long-term outlook remains positive, but near-term moves may be volatile. Kotak Securities noted that while upside potential exists, the path could be uneven. Geojit Investments highlighted that safe-haven demand may keep bias firm, though $5,500 per ounce looks unlikely soon. Choice Broking pointed to technical resistance at $4,895 per ounce, with a breakout possibly pushing prices toward $5,000–$5,500.
Domestic prices corrected slightly compared to global rates, and any revision in India’s 15% import duty could influence local trends. The US Federal Reserve’s rate hike chances also weigh on sentiment, with 36.1% probability in September and 72.1% by December.
Analysts advise cautious buying, as gold’s safe-haven appeal is strong but volatility persists. For investors, gradual accumulation may be wiser than aggressive entry, keeping in mind both global and domestic factors shaping the precious metal’s path.