Christopher Wood, Jefferies' Global Head of Equity Strategy, has indicated that accumulating gold would be a good idea if the prices tend to taper a bit, with the rationale that the bullion's 200-day moving average is currently about 23 per cent below the peak.
Gold futures breached the USD 3,600 per ounce mark on Monday, marking their fresh all-time high, on expectations that the US Federal Reserve will cut the key policy rate.
Even as international gold prices fell relatively on Monday with relative ease in geopolitical tensions in the Middle East, the prices of the safe haven yellow metal are seen rallying towards USD 2,500 in case of further escalation in the war situation.