Gold Price: Buy-On-Dips Strategy On Yellow Metal For Target Of Rs 76,000 Per 10 Grams: Motilal

Gold prices have shown resilience in 2024 amidst geopolitical tensions, recession fears, economic uncertainties and evolving monetary policies. While expecting support level of Rs 69,500 for yellow metal in 10 grams going ahead, brokerage Motilal Oswal suggests to keep 'buy-on-dips' strategy on gold for a target price of Rs 76,000. In the international market, Motilal is expecting COMEX to have support at $2,430 with potential target of $2,650.

In its latest report, Motilal Oswal said, the gold market has shown resilience in 2024, marked by significant volatility driven by geopolitical tensions, economic uncertainties, and evolving monetary policies. The year began with a strong rally, pushing gold to all-time highs due to heightened safe-haven demand.

Explaining further, Motilal said this surge was fueled by ongoing conflicts, particularly in Ukraine and the Middle East, which have continued to keep investors wary of global stability.

As per Motilal, such geopolitical risks have traditionally supported gold prices, and the persistent nature of these tensions suggests that gold's role as a haven will remain crucial in near future.

This year, Motilal said, "we also have US Presidential elections, uncertainty relating to the same could trigger volatility in bullion."