Gold Prices Surge Near Record Levels Amid Global Market Recovery
Gold prices in India have risen to near-record levels, reaching Rs 1.58 lakh per 10 grams on the MCX exchange.
The price of gold has been influenced by easing US Treasury yields and a recovery in global equity markets, which has improved investor sentiment.
However, geopolitical tensions between the US and Iran remain unresolved, keeping investors cautious.
Ponmudi R, CEO of Enrich Money, suggests that gold could move towards Rs 160,000-160,500 if it sustains above Rs 158,600, and potentially even Rs 162,000 if the rally continues.
On the other hand, immediate support for gold is seen at Rs 156,500-156,000, followed by Rs 154,000-153,300.
The Relative Strength Index (RSI) is at 71.33, indicating that gold is in overbought territory, which could lead to a short pause or mild correction.