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Gold prices expected to hold steady amid global economic uncertainty

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Shillong, August 22: Amid the ongoing trend of central banks worldwide acquiring gold and the volatile global economic landscape, Jateen Trivedi, VP Research Analyst at LKP Securities, predicts that gold prices will likely remain stable or even rise due to the influence of a stronger dollar and elevated interest rates.

As per IANS, however, Trivedi emphasizes that this trajectory could swiftly shift. The moment the US Federal Reserve hints at a potential pause in rate hikes or the consideration of an interest rate cut, gold prices are poised to surge.

Given the rupee’s weakness against the dollar and the upcoming festive season in India, investors are advised to seize the positive momentum in gold. The robust festive demand in India is expected to uphold a steady gold price. For those looking to invest in gold, Trivedi suggests a strategic entry point within the Rs 58,500 to Rs 57,000 range (per 10 gm).

Considering these factors, investors can reasonably anticipate an optimistic gold outlook, envisioning price levels ranging from Rs 61,000 to Rs 62,000 by year-end. This strategic move aligns with both the depreciating rupee and the traditional buoyancy of the Indian festive season, according to Trivedi.

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