Gold rate today: Gold prices made their weekly high since March 2024 and closed 5% higher at ₹77,685 per 10 gm on Friday thus targeting the nearest upper limit from the previous all-time record high of ₹79,535. Most of the MCX gold rates charge was boosted by an increase in the Russia-Ukraine war intensity. Besides the geopolitical tension, and politico-economic uncertainty following Donald Trump the US Presidential seat is also an Element that is boosting safe-haven inflows into the yellow trading metal.

According to commodity market experts, gold prices are rising for three reasons: the intensification of the conflict between Russia and Ukraine, the situation on the stock exchange and uncertainty regarding the US economy following Donald Trump’s election victory as president. But they mentioned that compounding pressures include the appreciation of the US dollar and an indication by the US Federal Reserve that it’s likely to take measures cautiously in further rate cuts. They pointed out that the long-term trend is bullish but for today the MCX gold spot price is stuck above ₹78,800/10 gm. Hitting over this barrier may unlock a new high for the precious yellow metal.

Focus on the Russia-Ukraine war

Sugandha Sachdeva, Founder of SS WealthStreet was asked about the cause for gold prices shooting up today, she said, “It has appreciated by about 5% during the week and this is the best weekly performance since March 2023 and has broken a string of three successive weekly declines. This rally is due to the rise of tensions such as Russia and Ukraine who have increased on missile attack hence causing safe- -haven rush towards gold.”

In the wake of this, Praveen Singh the associate VP of fundamental Currencies and commodities from Sharekhan by BNP Paribas said“To such extent, The desire for safe-haven assets amid the unsettling developments in the ongoing conflict between Russia and Ukraine is driving up the price of gold. Ukraine claimed Thursday that Russia has fired an ICBM on Ukraine, the first such act in this war.” On Thursday, Ukraine said that Russia launched an ICBM at Ukraine and that it was the first such act in this war.

Volatile stock market

Brandon Thor, Gold Expert and CEO of Thor Metals Group, said, “Gold is a simple yet powerful investment driven by three key factors: The literature review presents three critical factors namely currency strength, geopolitical uncertainty, and market volatility. Following years of never-ending bull without any basis or equipment other than share repurchases and quantitative easing, the foundation is poor. An increase in interest rates and inflation reduces corporate earnings, while overvaluation reduces the chance for correction. Domestic civil conflicts and global uncertainties also strengthen the gold case together with geopolitical tensions.

Donald Trump factor

Referring to the economic Uncertainty the Director of SS WealthStreet, Sugandha Sachdeva said, “The uncertain conditions prevailed after the victory of Donald Trump in the US Presidential Elections and expected changes in US economic policies have taken the US dollar index to a two-year high level.” It bounced from the ₹73,500 per 10 gm ($2,540 an ounce in the international market) level to clinch strong support.

Gold price outlook

Gold price forecast was discussed by Metals Group’s Brandon Thor: “The emerging central bank, economic, and geopolitical trends have caused a global monetary policy shift in the tightening process and hence make precious metals a secure place to invest.” ”Investing in gold and silver to retain cash value in your per cent revenue portfolio also allows for picking percentages as these drivers escalate.”

These are suitably presented below; Mixed macroeconomic factors continue to shape gold. On the one hand, pressure is created by the strengthened dollar, and the expected faster pace of rate hikes under the Trump presidency. However, the emergence of geopolitics and continuous fund inflows into global gold Exchange Traded Funds (ETFs) are an added strength,” said Sugandha Sachdeva.

The MCX gold rate is currently supported at ₹73,500 / 10 gm and resisted at ₹78,800 / 10 gm, according to the SS WealthStreet expert. Finally, the content above or below these levels will determine the trend of the price.

On how triggers that may determine gold prices next week include, Sugandha Sachdeva said, “Market participants will consider the Q3 GDP data (Second estimate) and the PCE price index of the US.”

In general, the prospects for gold quotations are favourable until there is any change in the situation with the Russia-Ukraine war. Consequently, the signal for gold prices to elevate further next week is highly likely to conquer the current barrier. Therefore a lot is contingent on the events in the Russia-Ukraine war. Therefore, gold investors are advised to stay updated on the latest news from Russia-Ukraine, said Anuj Gupta, the head of currency, and commodity at HDFC Securities.

(Disclaimer: The opinions and suggestions expressed above are not those of Waytoinfo; rather, they are those of specific analysts or broking firms. We recommend that before making any financial decisions, investors consult with qualified professionals.)