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Gold Prices In India Jump Close To Rs. 55,000/10 gm; Goldman Sachs Revise Target Higher
Gold prices at the time of writing this copy at around 6:42 pm (IST) or 8:12 NY time was up by 0.8% at $2014 per ounce in the spot markets internationally. This is because the ongoing war between Ukraine and Russia has not reached a ceasefire and such geo-political crisis situations tend to push gold prices higher due to its rising 'safe haven' appeal.
Gold price forecast raised by Goldman Sachs in view of the recent political events
Amid the uncertainty caused and escalating Ukraine-Russia tension, US investment bank Goldman Sachs has revised its gold price target higher. In the overnight trade, gold price scaled to $2020.98, while during the day it hit its highest price of $2025.5 per ounce. Now as per the financial entity, the next target for gold is the all-time high of $2075.14 per ounce and the bulls could target this resistance zone.
Latest price targets set out by Goldman Sachs for gold with the set time horizons
| Time frame | Earlier gold price target | Revised higher price target |
|---|---|---|
| 3 months | $1950/oz | $2300/oz |
| 6 months | $2050/oz | $2500/oz |
| 12 months | $2150/oz | $2500/oz |
The price rise of this scale is suggested given an increase in demand for gold by consumers, investors, central banks.
Gold prices in India on March 8, 2022
Gold prices in India on account of international rates as well as depreciating rupee has scaled to levels of Rs. 53,890 per 10 gm in Mumbai. In fact price of 24K is the highest among metros in Chennai, where the price has hit Rs. 54,760 per 10 gm for 24K gold.
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