Gold bull run unlikely to fade away anytime soon. This could be the right time to buy
Since early 2024, the price of gold has been climbing, and the uptick has been nothing short of remarkable, with gold shattering multiple price records so far this year with an expectation that it will cross the Rs 80,000 per 10 gm mark by the Dhanteras-Diwali period when Indians buy gold to bring in prosperity to home.
The war in the Middle East, coupled with the interest rate cut by the US Federal Reserve has supercharged gold’s allure as a haven asset.
The bull run in gold is unlikely to fade away any time soon. The US Presidential election is just a fortnight away which is creating a lot of volatility in the global financial markets with gold gaining due to volatility in other asset classes. Also, all eyes are on whether the Federal Reserve cuts interest rates in its upcoming meeting on November 6 and 7, just after the US elections are over. If at all the Fed cuts rate at its upcoming meeting, then unexpectedly it will further impact the gold prices. Besides input for jewellery and asset class, gold is a safe haven for investors during times of uncertainty. It is a hedge for investors against any uncertainty and price volatility.
The rising tension in the Middle East, which is unlikely to die down soon, is also giving a fillip to the gold prices.
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