Gold May See Profit Booking After Record Highs
Experts say global inflation data and ECB policy meet will guide the metal’s next move.
- Gold hits record high of ₹1,07,807 per 10 grams on MCX.
- Experts expect minor profit booking in the near term.
- Inflation data from U.S., China, Germany, and India to guide prices.
GG News Bureau
New Delhi, 8th Sep: After hitting a lifetime high last week, gold prices may witness some profit booking in the near term, leading to a minor correction, according to market experts. They said the future trend will depend on upcoming global economic indicators, including inflation data from the U.S. and India, as well as the European Central Bank’s (ECB) policy meeting.
Pranav Mer, Vice President (Commodity & Currency Research) at JM Financial Services, noted that investors will closely watch U.S. producer price index data, the ECB President Christine Lagarde’s address, and consumer sentiment in America. Inflation numbers from China, Germany, and India are also expected to influence market sentiment this week.
On Friday, gold’s October contract on the Multi Commodity Exchange (MCX) surged ₹1,131 or 1.06% to a lifetime high of ₹1,07,807 per 10 grams before closing at ₹1,07,740. Overall, gold prices gained nearly ₹4,000 or 3.81% per 10 grams last week. In Delhi’s bullion market, 99.9% pure gold rose by ₹900 to ₹1,06,970 per 10 grams, while 99.5% purity gold closed at ₹1,06,100, including taxes.
Mer added that while technical charts are signaling strong buying, some profit-taking is likely. However, the trend remains positive, and prices could move toward the ₹1,10,000–₹1,12,000 per 10 grams range on MCX in the coming sessions.
