New Delhi, August 2: Gold prices gained slightly after the US government’s credit rating was downgraded by Fitch, says Hareesh V, Head of Commodities at Geojit Financial Services. “Usually, economic uncertainties and dollar volatility can have significant impacts on the price and demand for gold as it is considered a safe-haven asset. The rating downgrade of the world’s largest economy tends investors to park their money in relatively safer assets like bullion,” he said.

Jateen Trivedi, VP Research Analyst at LKP Securities said gold prices have shown positive rally on safe-haven demand as Fitch downgrades the US Credit Rating, reflecting heightened concerns over the stability of global financial markets and investors seeking refuge in the timeless allure of gold. Gold Rate in India: Yellow Metal To Retain Its Glitter Amid Geopolitical Issues; Likely To Touch Rs 60,000 Level in 2023.

With many crises passed from the China-US trade war, pandemic, Russia-Ukraine war and now US debt crisis, gold will be on investors top list to keep funds allocated in times of uncertainty. Gold Price Today: 10 Grams of 24-Carat Price Falls by Rs 208 to Rs 51,974; Silver Tumbles Rs 1,060 to Rs 57,913 Per Kg.

Gold broadly looks likely to take support of 58000, as even if Spot gold underperforms due to dollar rise the rupee fall adds domestic Gold price to remain positive towards 60000-62000 in near term, he said.

(The above story first appeared on LatestLY on Aug 02, 2023 05:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).