Overview

• Gold prices recovered to $3,240 per ounce after falling over 10% from April’s record high of $3,500.
• Moody’s downgraded the US government’s credit rating from Aaa to Aa1, citing unsustainable debt and rising interest costs.
• The downgrade weakened the US dollar, boosting gold’s appeal to international buyers and supporting its price recovery.
• In India, gold prices surged by Rs 580, reaching Rs 97,030 per 10 grams, reflecting strong global trends.
• Analysts forecast further gains for gold, with projections of up to $3,880 per ounce in the event of a global recession.