Gold prices hit record high of Rs 76,911; traders see it crossing Rs 78,000 soon
Colin Shah, managing director of Kama Jewelry, said «Gold prices have scaled a fresh high of USD 2,660 in early trade today. It may scale to $3,000 per troy ounce globally in the medium to long term. Back in the domestic market, the sentiment is upbeat as the festive season has already begun. However, presently due to the Shradh period, the demand may witness some softness but is expected to gain momentum at the onset of Navratri till Dhanteras. Gold prices have managed to cross the critical resistance level of $2,630 comfortably. This indicates a strong support towards $3,000 levels in the medium to long term. The prices in the domestic market are expected to cross Rs 78,000 per 10 gm.”
Emkay Global Financial Services, Commodities and Currency Desk said that the COMEX gold price has hit fresh highs of $2660 levels. MCX gold too has hit a fresh high of Rs 74,637 per 10 gm. „Crossing this critical level indicates gold may touch $3,000 in the medium to long-term. The expectation of further interest rate cuts by the Fed has fuelled the rally, Escalation of geopolitical tensions between Israel and Lebanon have also pushed up gold prices,“ Emkay Global Financial Services said.
Jateen Trivedi, VP Research Analyst — Commodity and Currency, LKP Securities said that gold prices often follow US Treasury yields because of the inverse relationship between yields and gold's opportunity cost. When Treasury yields rise, especially in the short term, investors may prefer bonds over gold, a non-yielding asset. The fact that the
