Gold Prices Surge Globally, Set for Seventh Weekly Gain
Gold prices are surging globally, with the precious metal on track for its seventh consecutive weekly gain. This is driven by safe-haven demand and dovish signals from the Federal Reserve. Meanwhile, Indian markets experienced a brief correction after a five-day rally, but festive demand is expected to boost sales soon.
Analysts predict robust global inflows into gold exchange-traded funds (ETFs), with estimates exceeding $50 billion this year. The largest provider of gold ETFs in India has seen inflows of over 50 billion US dollars, although the specific provider remains unnamed. In India, gold prices cooled on Friday, October 3, with 24-carat gold dropping by Rs. 120 per gram in Chennai and Rs. 65 in Mumbai. Gold futures for December delivery on the Multi Commodity Exchange (MCX) traded at Rs. 1,16,960 per 10 grams, reflecting short-term profit-booking. Despite this correction, gold demand is expected to strengthen during the upcoming festive season.
In the global market, silver and platinum prices fell, while palladium prices slightly increased. Industry experts anticipate solid gold prices in the medium term, supported by festive demand and safe-haven flows.
Gold prices remain strong globally, with India expected to contribute significantly to demand during the festive season. After a brief correction, Indian markets are poised for a rebound, aligning with international trends that suggest a robust outlook for gold prices in the medium term.
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