Before focussing the Gold trend at the year end, focussing the perspective by Colin Shah, MD, Kama Jewelry, on the US Fed Rates Announcement. He said, “The US Fed kept interest rates on hold, but the commentary was dovish. Especially, the indication of rates cuts as early as next year and well after that. The only caveat being economic indicators on track. The guidance on interest rates is a gradual but steady approach to bring core inflation within the desired range of 2%.
Lower interest rates bodes well for the gold and gems and jewellery sector at large. Gold has been making new highs, expected to continue the bullish trend. Geopolitical tensions and a slowdown in global economic growth will boost gold prices. On the domestic front, we expect the demand trajectory to remain robust. The ongoing wedding season is expected to keep demand for gold and jewellery on the higher side.”
In the row, Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Limited (RSBL) said for gold trend at the Year-End. Gold prices have risen almost 10% in International markets and almost 15% in Indian markets. Gold has created a triple top resistance around $2080 (~ Rs 63000) in the last three years. In 2023, Gold prices attempted to clear this resistance for a single day to touch $2150 (~ Rs 64500), but did not sustain.
A lot of positive news, follow-through buying and fear would be required for prices to surpass that level. Once it does, though, the possibility is that the Bull Run won’t end until $2250–$2300 (~Rs 68000–Rs 69000). While on the downside, prices have formed a base around $1900 (~Rs 58000), which would act as the floor of this Bull Run.
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