Gold Price Hits Seven-Week Low Amid Stronger Dollar

Gold prices have reached a seven-week low, prompting questions about whether the correction presents an opportunity to buy. The recent decline is attributed to a stronger US dollar, lower crude oil prices, inflation concerns, and expectations around Federal Reserve policy.

Ajay Kedia, MD & Director of Kedia Advisory, believes that despite the current downturn, gold's broader fundamentals remain supportive due to continued central bank purchases, ETF demand, and de-dollarisation trends.

Kedia points out specific MCX levels and notes that gold could remain in a range-bound state in the near term. He expects gold prices to potentially retest ₹1.75-1.80 lakh by year-end if fundamental demand remains strong.