Gold Prices Reach Seven-Week High as Investors Bet on Easing Inflation

Gold prices have reached their highest level in seven weeks, and it appears to be stabilizing after a volatile July. The price of MCX Gold is currently trading at Rs 1,49,296 per 10 grams, up Rs 803 from previous levels.

The steady demand for gold as a safe-haven asset has helped prices recover, with investors expecting easing geopolitical tensions and softer energy prices to reduce inflation pressures.

Ponmudi R, CEO of Enrich Money, notes that gold has witnessed a strong technical breakout, breaking above Rs 149,000. He adds that the next hurdle for gold lies between Rs 1,50,000 and Rs 1,50,700, with a break above this range targeting the next resistance at Rs 1,52,200-Rs 1,52,800.

Despite the positive trend, experts advise investors to keep an eye on support levels. Ponmudi points out that immediate support lies between Rs 1,48,600 and Rs 1,48,000, while the next support zone is Rs 1,46,600-Rs 1,46,000.