Global Geopolitics Weigh on Gold Prices Amid Volatility
Gold and silver prices have been volatile since the US-Iran conflict started. On September 22, gold prices remained under pressure in global markets, while domestic prices rose. The ongoing geopolitical tensions and fluctuations in the US dollar's value are keeping investors cautious.
In the international market, US gold futures were trading at around $4,380 per ounce, with spot gold at $4,350. Silver prices remained around $66 per ounce. Geopolitical tensions have been supporting safe-haven demand for precious metals like gold and silver.
However, Puneet Singhania, Director at Master Capital Services, believes that the price of these metals is influenced by global cues rather than local demand during festive seasons. He suggests that investors should stagger their buying to average out volatility and keep precious metals as a small portion of their portfolio, around 10-15%.