Commenting on the Gold and outlook Renisha Chainani, Research Head at Augmont Gold for All said that The gold price continues to soar above $2500 per troy ounce, aided by rising geopolitical concerns in the Middle East. Last week, US Federal Reserve Chair Jerome Powell’s address at the Jackson Hole symposium signalled the “time has come” to cut interest rates, which supports the precious metal.
Chainani also added that Gold ETF holdings surged by 15 tonnes last week, reaching their highest level in six months. Speculative interest is very intense. The net long position of speculative investors increased to roughly 193,000 contracts in the week ending August 20th, while gold reached an all-time high, its greatest level in over four and a half years.
“Gold buyers must reclaim the record high of $2532 (Rs 72270) before confronting the next important hurdle at $2550 (Rs 72500). Acceptance over the latter might attempt the $2600 (Rs 75000) round barrier en route to the triangle goal of $2660 (Rs 76500),” Chainani further added.
