Gold Price Rally Continues As It Remains The 'Safe Haven' Investment

Gold prices have been on a steady climb post the customs rate cut at the Budget. With prices hitting record highs this months, the yellow metal continues to be an appealing asset for Indian investors.

Gold prices today as of stands at Rs 75,940 per 10 grams as of 2:05 pm according to The Bullion Association. Prices had gone as high as Rs 76,390 during the first week of October and futures prices also crossed Rs 75,000.

The rally in prices have been steady over the last couple months and the price has remained over Rs 75,000 from the beginning of the month.

"Gold as a commodity has seen a tearing bull-run. There has been a slight corrective action in the short-term that has offered an opportunity to buy on dips," said Akshay P Bhagwat, from JM Financial.

While some analysts anticipated a pause in the rally, global cues like the Fed rate cut and other geo-political tensions have pushed the prices to record highs.

"In the long term perspective, given all the international turmoil, gold continues to be a safer financial asset that investors allocate a portion of their funds into," said Bhagwat.

The outlook on gold prices remain positive as the commodity continues to be a safe heaven investment amid market volatility and brewing global conflicts.

"Talking about targets, 3,000 dollars are in the making going on the longer term charts," he said.