Global gold prices surged to the highest level in over 3 months topping $1800/oz and analysts are betting that this is the start of the uptrend for the yellow metal. Technical analysts state that there is a big bullish uptrend as gold broke above it's 200 day moving average in overnight trade.
Weakening US economic data, turmoil in cryptocurrency assets and a weaker dollar have all boosted demand for the yellow metal that has been on the investment sideline from the start of 2021.
Precious metal prices in India as well have started to firm up with gold topping Rs 48,000/10 gm and silver near Rs 72,000/kg mark.