Business & Finance
Gold Prices Rising Globally: An Explanation and Forecast for March
In a significant development, gold prices hit a new high, reaching ₹65,298 per 10 grams on the MCX last week. This surge was fueled by anticipation of a possible interest rate cut by the US Federal Reserve in June, leading to bullish sentiments in both domestic and international markets.
The rise in gold prices was further supported by Chair Jerome Powell’s hint at a potential rate reduction, leading to gold reaching a fresh high of $2,152 in international markets. Despite international gold prices ending February slightly lower, domestic prices saw a notable increase. On the other hand, MCX Silver experienced a temporary decline but showed a significant rise in March.
The increase in gold prices can be attributed to the weakening of the dollar index, which dropped below the 104 mark, currently standing at 103.80. Additionally, global geopolitical tensions and concerns about economic growth are supporting the rise in gold prices.
According to experts, the trend of central banks acquiring gold is expected to continue in 2024 amidst geopolitical tensions and macroeconomic uncertainty. While the market may react to geopolitical developments and US monetary policy in the coming months, the medium-term outlook for gold remains promising, especially with the anticipated shift in the US interest rate cycle.
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