in image gold coin illustration
Concern about increasing inflation, dropping bond rates, and a lower dollar has helped gold prices rebound from their lows during the previous two months. Expectations of increasing inflation and central bank tapering would boost gold prices in the future, according to Axis Securities Ltd, with yellow metal expected to continue to draw investors as a hedge against other asset classes.
The investor mood has risen since the beginning of the year, with market players wagering on riskier assets like shares. Rising optimism fueled the improvement, which occurred as a result of vaccine research and a faster-than-expected economic rebound in the worldwide market.
Apart from inflationary fears, Gold's rebound was aided by a steep fall in cryptocurrencies in May.
Consequently, in the previous two months, gold prices have risen by 9% and 12% in rupee and dollar terms, respectively, from their lows.
"The market will wait for the commentary from the US Fed on the assessment of the economy and any key change in the tone will be a short-term negative for Gold. However, Gold will continue to attract investments for hedging risk against other asset classes. We continue our Neutral stance on Gold and recommend a buy-on-dips Strategy," Axis Securities said in a report.
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