Global supply limitations and ETF inflows are key drivers for gold price forecast India China and India have emerged as key customers of Russian oil since the Kremlin’s invasion of Ukraine in 2022, helping Moscow weather waves of Western sanctions. UBS’s strategists argued that the metal retains strong momentum, with enough tailwinds to sustain record-high prices seen in recent months. Projected price bands point to sustained trading above ₹70,000 if the USD weakens against emerging market currencies.