Globally, gold prices are on the rise due to the uncertainty in the international market created by the Israel-Hamas conflict and its impact on global economic conditions, followed by the strengthening of the US Dollar. This price rise will further drive investors towards gold, owing to its credibility as one of the safest asset classes. With the Fed likely to maintain its stance in the upcoming meeting with the scope for one rate hike during the year, it is expected to keep the gold price within the range of USD 2000.
On the domestic front, gold rates are gradually but steadily on an upward trajectory. With the festive season and wedding season, we see the price dynamics to be of little to no hindrance for the Indian gold buyers owing to the rise in per-capita income and the sentimental value attached towards buying gold during the festive season and weddings, a tradition well-kept in the Indian culture.
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