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Gold prices at ₹1 lakh per 10 grams may soon become normal in India amid persistent geopolitical tensions and slower private job growth. On Thursday, the yellow metal was selling at ₹1 lakh per 10 grams in Ahmedabad.
On the Multi Commodity Exchange (MCX), gold settled at ₹98,579 per 10 grams, continuing its strong upward momentum. Internationally, gold traded at $3,368 an ounce at 11:00 pm IST.
Explaining the rally, Rahul Kalantri, VP-commodities at Mehta Equities Ltd, said, “Gold and silver prices jumped as weak US data spurred expectations of at least two interest rate cuts this year. Slower private job growth and a contracting services sector pushed investors towards safe-haven assets like gold.”
Despite growing hopes for rate cuts, the US Federal Reserve remains cautious. The rising global tensions, especially fresh US-China tariffs and a stalled trade deal, have further added to investor anxiety.
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Friday’s US nonfarm payroll report is the market's next major event. “Gold has technical support between $3,340-3,315 and resistance around $3,395-3,420. In rupee terms, gold has support at ₹97,120-96,800 and resistance near ₹97,940,” Kalantri added.
According to the India Bullion and Jewellers Association and Aspect Global Ventures, geopolitical risks are still at play. “Gold (price rise) is being fuelled by bargain hunters amid fears of worsening US-China and Iran-US relations. However, if job data surprises on the upside, we may see a pullback due to profit booking.”
For now, caution prevails in the bullion market, but the push towards ₹1 lakh per 10 grams is getting stronger each day.
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