Gold Prices Surge Amid Geopolitical Tensions in the Middle East
As geopolitical tensions escalate between Iran and Israel in the Middle East, gold prices witnessing a remarkable surge, marking the sixth consecutive week of gains. Despite the backdrop of increasing US dollar rates, geopolitical uncertainties have fueled demand for safe-haven assets like gold. For today’s gold rate, you may visit here.
Market Overview
Current Rates:
Gold is currently trading in the range of Rs 214,294 to Rs 214,410 per 10 grams, while spot gold price stands between $2,390 to $2,420 per troy ounce. Gold rates hit a record high on April 17, 2024.
Factors Driving Prices:
The prevailing risk aversion in markets, sparked by Iran’s alleged drone attacks on Israel, has intensified demand for safe-haven assets, notably gold and silver.
Geopolitical Concerns:
The fear of an Iran-Israel conflict continues to dominate market sentiment, sparking gold prices despite the backdrop of rising US dollar rates.
Expert Insights
Sugandha Sachdeva’s Perspective:
According to Sugandha Sachdeva, Founder of SS WealthStreet, gold prices have sustained an upward trajectory due to ongoing geopolitical risks, offsetting potential headwinds from US dollar strength.
US Fed Rate and Dollar Focus:
With the upcoming US Federal Reserve meeting and interest rate decisions, investors are advised to monitor developments closely. The stance of Fed officials and economic data releases will likely influence gold and silver prices in the near term.
Price Forecast and Analysis
Support Levels:
The crucial support for gold is identified at Rs 214,294 to Rs 214,410 per 10 grams. As long as this support zone holds, the outlook for gold remains positive.
International Markets:
Gold prices are finding support around $2,390 per ounce, with a key resistance level at $2,420 per ounce.
Conclusion
The ongoing geopolitical tensions between Iran and Israel have projected gold prices to new heights, emphasizing its role as a safe-haven asset. While geopolitical risks persist, Investors should keep a close eye on the changing market trends and upcoming decisions from the US Federal Reserve.
Miss Urooba Afreen
Meet Miss Urooba Afreen, a leading silver market expert and fellow team member of Goldrateinpak.pk. Offering astute analysis & guidance, we empower investors nationally and internationally through our well-researched information. Wishing you prosperous investments ahead!
