Retail buying in Asia including India fuels gold price momentum: Goldman Sachs
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Goldman Sachs reports that increased retail buying in Asian markets, including India, and the surge in accumulation by Central Banks in emerging markets have led to an increase in gold prices worldwide. Gold has rallied by 17 percent over the past two months despite expectations of fewer Federal Reserve rate cuts and strong growth trends. Unconventional factors, supported by current macroeconomic policies and geopolitical tensions, have been pivotal in driving gold's bullish momentum. The anticipation of potential Federal Reserve rate cuts, US election cycle, and fiscal policies further reinforce the positive trajectory of gold prices. The report expects continued bullish momentum in gold prices, highlighting the influence of unconventional factors. However, higher gold prices pose challenges for consumers, particularly in countries like India where gold holds cultural significance and impacts the economy, affecting India's trade balance and deficit.

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https://m.economictimes.com/industry/services/retail/retail-buying-in-asia-including-india-fuels-gold-price-momentum-goldman-sachs/articleshow/109290539.cms