New Delhi
Gold prices continued to rise this week due to escalating tensions in the Middle East. The Iran-Israel conflict has kept buyers engaged, even as prices remain high. On Saturday, the price of 24-carat gold increased by Rs 120, reaching Rs 7,785.3 per gram, while 22-carat gold rose by Rs 110 to Rs 7,138.3 per gram.
In times of geopolitical instability, gold is often viewed as a safe investment, while crude oil prices fluctuate due to concerns over potential supply disruptions. Analysts suggest that continued easing of interest rates may sustain interest in gold buying. However, gold prices dropped by 0.2% to $2,649.69 per ounce globally, influenced by stronger-than-expected US job growth and a drop in the unemployment rate to 4.1% in September.
Despite the dip in global prices, analysts predict that worsening geopolitical conditions could lead to further increases in gold prices. Investors are being advised to remain calm amid market volatility, as improvements are expected over time.
Meanwhile, stock investors are closely monitoring the situation in the Middle East, as rising crude oil prices and fund movements towards cheaper markets, such as China, continue to impact market sentiment. The current market uncertainty is expected to persist in the near term.
