Now Reading: Gold price prediction: Worst of dips over, bias bullish near Rs 163,000
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Gold price prediction: Worst of dips over, bias bullish near Rs 163,000
Gold price prediction: Worst of dips over, bias bullish near Rs 163,000
Gold prices have staged a strong breakout, trading near fresh highs around Rs 163,000 on MCX, according to Motilal Oswal Financial Services. The rally above the previous resistance zone of Rs 157,500-158,000…
Gold prices have staged a strong breakout, trading near fresh highs around Rs 163,000 on MCX, according to Motilal Oswal Financial Services. The rally above the previous resistance zone of Rs 157,500-158,000 confirms renewed bullish momentum, with analysts saying buyers are firmly in control.
The sharp recovery from July lows has reversed the earlier corrective trend, and the market has entered a price-discovery phase. While some profit-booking is possible, the broader bias remains positive as long as prices hold above key support levels near Rs 158,000-160,000. A sustained move above Rs 163,000 could push gold toward Rs 166,000-168,000 this week.
Supporting the rally are concerns over US public finances, the US debt burden exceeding $40 trillion, a weaker dollar at three-month lows, and strong institutional buying. Gold-backed ETFs recorded their largest daily inflow since September 2025, extending a five-week streak of net inflows. Central bank reserve diversification also continues to support bullion.
Indian Opinion Analysis
Gold has gained more than 5% last week, its best weekly showing in months, driven by the US Treasury's expanded bond buyback program aimed at containing long-term yields. The key level to watch is Rs 164,500: a close above that could trigger a run to Rs 168,000. On the downside, a break below Rs 155,000 would negate the bullish structure. The next catalyst is US economic data releases and Treasury operations this week.
Source: timesofindia.indiatimes.com
This story was synthesised by AI from the source linked above.
