According to market data, 24-carat gold traded at ₹13,855 per gram, 22-carat at ₹12,700 per gram, and 18-carat at ₹10,391 per gram. Analysts attribute the strength in prices to a mix of macroeconomic and technical factors.
“Gold continues to be well-supported as safe-haven demand remains strong amid ongoing global uncertainties,” said Aksha Kamboj, Vice President of the India Bullion & Jewellers Association (IBJA). Investment demand has held up even as prices hover near record highs. Fund managers note that expectations of US rate cuts, combined with consistent central bank purchases, are underpinning bullion prices.
Satish Dondapati, Fund Manager at Kotak Mutual Fund, added that gold is increasingly relied upon as a hedge against inflation and currency fluctuations, though short-term consolidation may occur if geopolitical tensions ease or the US dollar strengthens.
From a technical perspective, Jateen Trivedi, VP Research Analyst at LKP Securities, warned that prices are in an overbought zone and may witness profit booking if they fall below ₹1.34 lakh per 10 grams, with ₹1.37 lakh per 10 grams acting as the next resistance. Upcoming US economic data, including new home sales, the Core PCE price index, and weekly jobless claims, are expected to influence market direction this week.
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