Daijiworld Media Network - Mumbai

Mumbai, Nov 10: Analysts are turning bullish on gold, suggesting that the current weakness in prices offers a good buying opportunity for long-term investors.

Gold hit an intraday peak of $4,381.5 per ounce on October 20, soaring 33.3% above its 200-day moving average (DMA) before profit booking set in — the highest deviation since May 2006. With the 200-DMA now around $3,371/oz, Jefferies strategist Christopher Wood believes a further correction could be an ideal time to accumulate.

Over the past year, gold has surged 53.3%, driven by geopolitical tensions, US tariffs, and strong central bank buying. The World Gold Council (WGC) reported 200 tonnes of net purchases so far in 2025, led by Poland (67 tonnes), Kazakhstan (40 tonnes), and Azerbaijan (38 tonnes).

Analysts at Julius Baer expect gold to consolidate in the short term, with a potential pullback to $3,500/oz. However, they maintain a positive long-term outlook, citing fiscal dominance and weakening G7 currencies.

Riya Singh of Emkay Global noted that declining US consumer sentiment has strengthened gold’s safe-haven appeal, though optimism over a possible US government shutdown resolution could limit gains.

Technically, the WGC sees key support around $3,800/oz and stronger support near $3,500/oz. On the upside, resistance lies between $4,420 and $4,675 per ounce.