Indian Gold Prices Show Bullish Signs Amid Consolidation

The Indian gold market is showing encouraging signs of a bullish trend, according to Abhilash Koikkara, Head - Forex & Commodities at Nuvama Professional Clients Group. Gold prices have entered a consolidation phase after testing May 2026 highs but are still holding around those levels.

Koikkara notes that the base trend for gold remains positive and any near-term dip toward support is worth treating as an accumulation opportunity rather than a warning sign of a trend reversal. The key floor to watch is the breakout level of 156,000, which should attract fresh buyers and limit downside.

The current setup continues to favour the bullish bias for gold, with a target price of Rs 170,000. A sustained close above 164,500 on a daily basis would confirm that buyers have resumed control and the bullish move is back on track.