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Gold Prices Soar: Sensational Report Predicts Skyrocketing Rates, Shocking Consumers
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Gold Prices Soar: West Asia Tensions Push Gold Towards $6,000 Per Ounce
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News18
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02-03-2026, 16:06
Gold Prices Soar: West Asia Tensions Push Gold Towards $6,000 Per Ounce
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Elara Capital report warns gold could hit $6,000/ounce if West Asia tensions escalate, weakening Indian Rupee to 92-92.5 against USD.
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Geopolitical tensions increase gold's appeal as a safe-haven asset, with central bank purchases and ETF buying fueling price surges.
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Domestic markets reflect global trends: 24-carat gold rose 4.37% to Rs. 1,69,194/10 grams, silver up 4.90% to Rs. 2,96,494/kg.
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Sustained high crude oil prices ($90+/barrel) could worsen India's FY27 current account deficit by 0.3-0.4% of GDP.
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J.P. Morgan and Bank of America project gold prices could reach $6,000, with J.P. Morgan forecasting up to $6,300/ounce by end of 2026.
Read Full Article on News18 in Telugu
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