Can gold retain its glitter as Dalal Street gets back its glow?
China has also decided to remove tariffs on some US goods, which is seen as a move to reduce tensions. At the same time, the US has said it will ease the impact of auto tariffs. These steps are expected to improve trade relations between large economies.Jateen Trivedi, Vice President and Research Analyst for Commodities and Currency at LKP Securities, said, 'The fall in gold demand came as the US began tariff talks with many countries. Hopes for a China-US trade deal and possible peace between Russia and Ukraine have also reduced the need for gold as a safe option.'advertisementHe explained that when global tensions fall, investors tend to move their money away from safe options like gold and into other investments that might offer better returns. This shift has pulled down gold prices both globally and in India. At one point, gold had climbed to $3,500.05 per ounce due to fears of a global slowdown and market uncertainty.MARKET OUTLOOK FOR GOLDRahul Kalantri, Vice President of Commodities at Mehta Equities, said gold prices dipped early Monday due to low demand in China. However, they recovered slightly later in the day due to global risk worries and some profit-taking in the US dollar.He said that recent border tensions between India and Pakistan, and attacks in Iran, briefly pushed gold prices up again. But the rise didn't last long.Kalantri shared current levels for gold and silver. He said gold has support at $3,310–$3,288 and resistance at $3,360–$3,378. In India, this means gold has support at Rs 95,450–Rs 95,080 and resistance at Rs 96,750–Rs 97,290. Silver is also facing pressure, with support at Rs 95,680–Rs 94,850 and resistance at Rs 97,150–Rs 97,950.Dr. Renisha Chainani, Head of Research at Augmont, said that gold prices could rise again if a new global issue appears. She said that if gold moves above $3,380 (about Rs 96,400), it could go up to $3,435 (around Rs 97,400), and possibly reach $3,500 again (about Rs 99,400).advertisement(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
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