Gold price prediction today: Should you chase rally or buy gold on dips?
Gold prices may not be that much sensitive to higher oil prices as has been the case in the last few months unless oil surges sharply higher. However, as the Middle East situation remains volatile, gains in gold could be limited unless oil falls. Buying the dips is preferred over chasing the rally.
Gold price prediction for today: Reflecting on the recent market developments, Mirae Asset ShareKhan's Praveen Singh suggests that investors might fare better by buying gold during dips rather than attempting to chase the current rally. Gold experienced a significant rally during the week ending August 7, breaking out of a seven-week range of $3950-$4200 and closing with a weekly gain of 7.31% at $4342, its largest weekly gain since January.
Factors contributing to the rally include China's continued gold buying and the potential for a Hormuz deal, as well as disappointing US nonfarm payroll data. However, geopolitical uncertainty surrounding Iran and Oman's possible agreement on the Strait of Hormuz remains a concern.
Written by urgent.news from Times of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
