Relevant for Exams
Gold hits lifetime high driven by rupee depreciation and global safe haven demand; analysts predict further short-term gains.
Summary
This article discusses the daily movement of domestic gold prices, which reached a new lifetime high due to factors like rupee depreciation, global safe haven demand, and rising COMEX prices. It also includes analyst predictions for further short-term upside. While economic factors influencing gold prices are generally relevant, this article focuses on daily price fluctuations and speculative trading outlooks, which are typically not considered high-priority for competitive exams.
Key Points
- 1Domestic gold prices reached a new lifetime high.
- 2Key reasons for the price surge include rupee depreciation.
- 3Global safe haven demand was another significant factor.
- 4Rising COMEX prices also contributed to the increase.
- 5Analysts predict a potential further upside of Rs 1,300 per 10g for traders.
Full Article
Domestic gold prices scaled lifetime highs, supported by rupee depreciation, global safe haven demand and rising COMEX prices. Analysts see bullish technical momentum intact, with higher highs, strong RSI and macro cues like US inflation data guiding near term direction.