Spot gold touched an all-time high of $4,486 per ounce, reflecting sustained global demand for safe-haven assets.
In the domestic market, gold prices
stayed elevated.
24-carat gold traded at ₹13,616 per gram, while 22-carat gold stood at ₹12,481 per gram and 18-carat gold at ₹10,212 per gram, according to market data.
Market participants attributed the strength in prices to a combination of macroeconomic and technical factors.
“Gold remains well-supported as safe-haven demand stays intact amid ongoing global uncertainty,” said Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA).
Investment demand has remained resilient even as prices hover near historic peaks. Fund managers say expectations of US rate cuts and sustained central bank purchases continue to underpin bullion prices.
“Gold prices have remained firm near all-time highs levels, supported by strong investment demand amid global economic uncertainty and geopolitical tensions,” said Satish Dondapati, Fund Manager, Kotak Mutual Fund.
He added that gold continues to play a key role as a hedge against inflation and currency volatility, though short-term consolidation cannot be ruled out if geopolitical risks ease or the US dollar strengthens.
From a technical standpoint, analysts flagged the possibility of near-term volatility after the sharp rally.
Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, cautioned that prices are now in an overbought zone and may see profit booking if they slip below ₹1.34 lakh per 10 grams, while identifying ₹1.37 lakh per 10 grams as the next resistance level.
Upcoming US data, including new home sales, the Core PCE price index and weekly jobless claims, will remain key triggers for price direction this week, he added.
–With reuters inputs