Trending gold price that catch the eye of the gold players on gold prices at record high and in the row Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL) said, “Gold trades at an all-time high price domestically. Gold prices have advanced nearly $70 in the last two trading days, breaking the range of $2000 to $2060, it traded in Jan and February.
Prices got a boost from New York Community Bancorp (NYCB) shares collapsing last week, triggering the speculation of banking crisis 2.0 in US. This week we are seeing follow-through buying and investors jumping into the gold market with FOMO fear.
FED Hawkish stance, continued geopolitical tensions, and strong speculative and investment demand are the other factors supporting prices. Due to rupee depreciation, gold prices have touched record high prices in India. Prices are expected to continue their bullish momentum till $2150 (Rs 65500) in the short term. The long-term bullish view is still intact with a target of $2300 (Rs 70000) in Gold in 2024.”
By analysing the gold trend for the month of February 2024, Colin Shah, MD, Kama Jewelry said, “The performance of yellow metal has shown a sustained momentum in February, along with a surge witnessed in the last week of the month, owing to global influence of the US Fed rates.
While the gold prices hover around INR 62,000, this gradual progression is building the steam for the prices to scale new-highs, probable cross the INR 70,000 mark down the year.
While there are talks of rate cuts by the US Fed in the near future driven with the larger goal of bringing the rate down to 4% bracket by the end of this year, we foresee gold prices to continue strengthening in the back-drop of global economic events and consumption demands.
Domestically too, the higher consumption rate along with a considerable size of population considering gold as an investment asset class, the prices will be overshadowed by the strong demand. Overall, we see the yellow metal prices being bullish throughout the year with the consumption class being strong determinants of the price performance.”
While Ravindra Rao, Head – Commodity Research at Kotak Securities focussed on Gold-Crude relation & said, “Comex Gold prices saw the highest daily close on Monday, March 4, and is trading near the record high of $2,152.3 per troy ounce notched in December 2023, as weak US economic data last week improved the conviction that the Federal Reserve might start cutting rates in next the coming months.
Recently, Fed Governor Waller said he favored a shift in the Fed’s holdings toward a larger share of short-term treasuries. Markets now focus on US ISM Services, Jobs data and Powell’s testimony for more cues on Fed policy path.”
Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
