The gold market explodes as prices saw their best week in three years amidst the fallout of the banking sector. Risk-averse investors jumped to take buy positions in fear of missing out this rally.
Gold hits all time high amid US banking crisis
Gold and SIlver prices have skyrocketed since the United States’ banking crisis erupted a week ago. When there is a crisis of confidence, especially in our financial system and banking sector, people seek safe havens. And gold is arguably the most well-known safe haven in the world. Gold still has steam left to head towards $2000 (Rs 60000) before the FED Wednesday meeting.
Gold touches all-time high in India
The near-term outlook for gold is bullish, as we continue to see safe-haven demand and elevated market anxiety over the banking crisis. Concerns about the banking crisis remain after the European Central Bank raised interest rates by 50 basis points despite ongoing financial stability threats.
Gold closes at record high levels in India
Gold prices traded near record highs on safe-haven buying as a drop in Credit Suisse shares rekindled concerns about the banking sector and reduced appetite for riskier assets. Markets are hypersensitive to negative bank-related news following what happened with SVB.
Gold and Silver find support for a bull run
Gold and Silver’s prices have retraced to important support levels of Rs 55000 and Rs 62000 respectively as forecasted. As instructed in the previous week, those were the ideal levels for buying. The next move can be an up-move, buying on dips should be a strategy used for the medium term, as the downside seems limited.
Gold and Silver continue downslide as Inflation risk remains elevated
Gold has fallen further towards Rs 55400 as expected, this increases the likelihood of further losses toward the long-term 200-DMA, currently seen around Rs 54900-55000.
UNDERSTANDING GOLD DEMAND AND SUPPLY CHAIN
Humans have mined gold for about 7,000 years. Let’s understand the sources of gold supply and how it reaches the customer in the form of jewellery, bars, coins, etc. What is the lifecycle of gold and what is the role of each market participant in the supply chain?
Further weakness will provide an opportunity to buy
Prices for gold and silver dropped by around 2%, supporting a bearish view on the FED’s hawkish shift towards further rate hikes that increased the value of the dollar. This increases the likelihood of further losses towards Rs 55000, which we expect to floor the precious metal and will offer an opportunity to buy.
Precious Metals slip ahead on US CPI
Due to conflicting fundamentals and a cautious outlook, the price of gold remains stagnant within a short-term key trading range. In light of conflicting employment data.
Gold Investment Outlook || Renisha Chainani || Augmont Gold For All
The Gold Investment Outlook is here to provide you with the latest insights on gold investments by our research head Renisha Chainani, In this video, she covers the current state of the gold market and the factors affecting gold prices.