Technical analysis by sr225406 about Symbol PAXG: Sell recommendation (3/24/2025)
sr225406
Gold prices have experienced a significant surge recently, reaching unprecedented levels both globally and in India.Recent Trends:Global Market: As of March 15, 2025, gold prices surpassed $3,000 per ounce, setting a new all-time high. Indian Market: Domestically, gold prices hit a record ₹86,875 per 10 grams on March 13, 2025. This surge has led to a decrease in consumer demand, with dealers offering discounts of up to $41 per ounce to attract buyers. Factors Influencing the Surge:Central Bank Purchases: Countries like Russia, China, and India have increased gold reserves to reduce dependence on the US dollar, contributing to the price rally. Latest news & breaking headlinesEconomic Uncertainty: Concerns over global economic stability have driven investors toward gold as a safe-haven asset. Future Outlook:Price Forecasts: Analysts predict that gold prices in India could reach ₹89,960 per 10 grams by the end of 2025. Goldman Sachs forecasts global gold prices to hit $2,700 per ounce by early 2025, reflecting an 8% premium over current prices. Demand Trends: The World Gold Council anticipates a moderation in India's gold consumption due to high prices, projecting demand between 700 and 800 tonnes in 2025, down from 802.8 tonnes in the previous year.
