Gold price will decide the market attitude. (File)
Gold prices may continue to rise in the coming week. Experts believe that there are many reasons for this edge. For example, loose monetary policies around the world, increasing demand for festivals in Asia, continuous purchases of central banks and geopolitical tension will be seen. Due to all these reasons, investors are turning to gold as a safe option.
Analysts say that traders will focus on the upcoming trade talks between the US and India. Along with this, talks between America and China will also be important for investors. It is believed that the signs coming out of these meetings will affect the direction of gold.
American figures will impact
The second major factors to affect gold prices will be American economic figures. This includes information like new figures related to the house, personal consumption expenses and consumer perception. If the figures come out weak, investors can consider gold as more safe, which can increase prices.
Opinion of experts
Pranav Mer, the Vice President of JM Financial Services and Vice President of Currency Research, says that the demand for festivals in Asia will strengthen gold. He said that ETF and central bank will remain buyers, which will help the prices. However, the purchase of investors at the current high levels is seen a bit weak.
Domestic market status
Last week, the October delivery futures on the Multi Commodity Exchange (MCX) closed at Rs 1,616, or about 1.5% to Rs 1,09,900 per 10 grams. There was a decline in gold in the middle of the week, but in the end it returned to strength. The reason for this is the focus of the market on US inflation and employment figures.
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Record in international market
Gold also increased internationally. Last Wednesday, gold futures reached an all -time high level of $ 3,744 an ounce. However, on Saturday, it slipped slightly to close at $ 3,705.80 an ounce.
Ahead
Experts say that due to the festive season and global uncertainties, gold can remain glowing. Investors can continue shopping by considering it as a safe investment. In such a situation, there is a possibility of strengthening the prices of gold next week.