Gold Prices Remain High Ahead of Raksha Bandhan, Will MCX Reach ₹1,70,000?

Rakhi shoppers face a dilemma this year as gold prices remain at historically elevated levels. The festive season is just around the corner, with Raksha Bandhan falling on Friday, August 28. While many are hoping for a correction in gold prices before the festival, experts caution that there is no fixed seasonal trend to guarantee reduced prices.

The domestic gold price in India currently stands at ₹1.52 lakh-₹1.57 lakh per 10 grams, while the MCX Gold price is around ₹1,61,900 per 10 grams. However, a short-term outlook analysis suggests that ₹1,70,000 could be an achievable target for MCX Gold.

For Rakhi buyers, deciding whether to buy now or wait for a correction can be a challenging decision. While some may hope to time the market and make a profit, others may prefer to play it safe and avoid taking on too much risk.