Rising crude oil prices along with Covid-led supply chain disruptions as well as geo-political tensions and inflationary pressures are likely to lend support to gold, according to Motilal Oswal Financial Services.
MOFSL added that gold prices are expected to move towards $2,000 per ounce (1 ounce is equivalent to around 31 gm) over the next 12-15 months.
For the next quarter, Gold prices are seen at $1,915 followed by $1,965. Support is pegged at around $1,800 and $1,745 zones, MOFSL said.
MOFSL further added that inflation has been one of the main highlights for 2021 and it could continue to be in the limelight next year too.
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"The rising inflationary expectations were increasing the distress in the market for a long time, although the panic in the market started once US Governor Powell also acknowledged the same and started to act on it," it said.
(With inputs from IANS)
