Gold Prices Fluctuate Amid Economic Factors

Gold prices experienced a modest recovery on November 18, 2024, after a significant decline over the previous week, with international prices trading around $2,587.49 per ounce. This recovery follows a six-day losing streak where prices fell almost 9% from recent peaks, with analysts indicating pivotal support at $2,536. Geopolitical tensions, particularly in Ukraine and Gaza, have increased haven demand for gold, while expectations of less aggressive U.S. Federal Reserve rate cuts have limited further gains. In India, 24-carat gold prices fell marginally to ₹75,640 per 10 grams, coinciding with the wedding season, which could relieve some buying pressure. The U.S. dollar's performance and upcoming Fed comments will significantly influence gold's trajectory in the near term. Overall, gold remains up over 24% for the year, driven by economic uncertainties and central bank purchases.