Gold Price Future: On Saturday, June 14th, gold hit a record high, crossing ₹1.01 lakh. This is considered the fastest price jump ever. Amidst rising tensions in the Middle East, gold's allure has intensified. Find out how high gold prices might go
Several factors are driving this surge. The biggest is Israel's overnight attack on Iran. Reports indicate Israeli drones targeted an Iranian nuclear facility. This impacted global equity markets, sending investors towards safe havens like gold. Another factor is the latest US inflation data, which was lower than expected. This means the US might cut interest rates, and when interest rates fall, gold shines brighter.
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What's the price of gold today?
On Friday, June 13th, gold opened at ₹99,500 on MCX, closing at ₹98,392 the previous day. This represents an increase of ₹1,108 or 1.12%. The rally continued throughout the day, with gold reaching a high of ₹100,403 per 10 grams. On Saturday, June 14th, the price of gold in Delhi is ₹101,560 per 10 grams.
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How high can gold prices go?
Bank of America (BofA) predicts gold could reach $4,000/ounce (₹3,43,598.80) in the next 12 months. This means the price in India will go even higher. Goldman Sachs also projects gold to hit $3,700/ounce by the end of 2025 and $4,000 by 2026. They believe substantial buying by central banks and a climate of fear could propel gold prices skyward.
Experts advise against selling if you've already invested in gold. New investors should adopt a wait-and-see approach. Gold's allure is no longer just about weddings or festivals; it's now tied to geopolitics.
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Will oil supplies be disrupted?
Goldman Sachs also stated there's no indication yet that the Israel-Iran conflict will disrupt Middle Eastern oil supplies. If oil supplies are affected, it will severely impact the global economy along with gold prices.
