Mumbai, 26 March (Commoditiescontrol):Gold prices experienced a notable uptick supported by a weakening dollar, with investors eagerly awaiting U.S. inflation data later this week. The dollar index slid by 0.2% against its rivals, rendering gold more affordable for holders of other currencies. Spot gold surged by 1.28% to $2,198.82 per ounce, following last week's record high spurred by indications from Fed policymakers regarding potential interest rate cuts. Analysts remain cautious, suggesting that unless there are substantial developments accelerating rate cuts, gold may not reach new highs before Easter. However, expectations persist for gold to break records by year-end, with projections from WisdomTree indicating prices exceeding $2,350 in Q1 2025. The focus now shifts to U.S. core personal consumption expenditure price index data scheduled for release on Friday, which could further impact gold prices. Additionally, elevated physical demand from Chinese households and continued purchases by central banks contribute to the metal's support.
MCX Gold Futures Surge with Positive Momentum:
MCX gold futures witnessed a notable surge, currently trading at 66390 (+0.56%). The futures market is currently positioned above its maximum pain level of 66150, indicating a bullish sentiment. If the positive trend persists, gold futures could potentially reach its next resistance and psychological level of 67000. On the downside, immediate support is observed at 65800.
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