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In India, on Tuesday, there was a slight decline in gold prices.
On Monday (27 January), the price of 22-carat gold (10 grams) fell from ₹ 300 to ₹ 75,100.
Conversely, according to 24-carat gold Goodreturn’s data, it stood at 8,193 per gram.
Factors behind existing gold prices
The market ups and downs are largely inspired by an expectation of Fed’s next step.
The Central Bank is expected to keep the interest rates unchanged on Wednesday (29 January). This will be the first break in its rate-cutting cycle starting in September 2024.
Although Trump’s statements have added uncertainty, the President has insisted on further cuts.
Tim Waterr, the main market analyst of KCM trade, said, “Lower rates usually benefit gold, as the zero-upper bullion becomes more attractive in such an environment.”
If the fed indicates a future rate cut, it predicts a possible growth of $ 2,800 per ounce.
In addition, Trump’s policies, especially tariffs, are increasing concerns.
Inflation and business stress likely to promote gold demand as a safe-heaven investment.
Outlook remains stronger, with concrete performance of gold in January and last year’s 27% rally.
Should you buy gold now?
The value of gold indicates the stability and ability to upward that this can be a good investment, especially if investors are demanding a safe shelter from economic uncertainty.
According to Renisha Chanani, the head of research at Agamont, Gold is on track for its best start for the year since 2023, which tests the upper range of $ 2,790 per ounce (~ ₹ 80,300 per 10 grams). Market may benefit from inflation pressure, especially with the US “America first” focus on policies.
“If prices violate $ 2,800 per ounce level, the next target may be $ 2,850 an ounce and even $ 2,900 per ounce (~ ₹ 81,600 to ~ 82,800 per 10 grams).”
For those looking for long -term investment, gold can be an attractive option as the possibility of further economic disturbance increases.
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