Gold price prediction today: Will gold continue its rally?
Gold prices are trending upward with a positive bias as market analysts suggest a buy-on-dips strategy. The metal's performance is influenced by ongoing geopolitical tensions in the Middle East and shifting US-Iran relations.
Why it matters
Gold serves as a critical hedge against geopolitical instability and economic uncertainty, making its price movements a key indicator of global market sentiment.
Gold price prediction today: Gold prices are likely to trade with a positive bias in the near-term and buying on dips is the recommended strategy, says Praveen Singh, Head Currencies and Commodities, Mirae Asset ShareKhan.Gold Performance:Spot gold extended its weekly winning streak to the second straight week in the week ending August 14. It closed 0.70% higher for the week at $4376.The shiny metal has started this week on a positive footing. At the time of writing this article on August 17, the metal was trading at $4421, up nearly 1% for the day.Geopolitics and oil:The US-Iran 60-day ceasefire MoU is set to expire on August 17; however, the ceasefire MoU has lost its relevance due to repeated cycles of strikes and talks.
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