Recently Colin Shah, MD, Kama Jewelry casted his observation, ‘Gold Prices Correcting By 1% in Global & Domestic Markets and Outlook!’
”This correction in the gold rate is largely influenced by the rally in the US Dollar Index, taking the prices downwards. Along with this, the chances of Fed going for another rate cut has dimmed, which has given further support to the US Dollar Index, thereby negatively affecting gold prices.
Domestically, the correction is here for the better as India enters the wedding season, one of the two biggest gold-buying seasons in the country. Given the sentimental value attached to the yellow metal, price factor plays a minimal role in influencing the buyer’s decision, keeping the overall demand robust.
Going ahead, gold prices are likely to stay volatile for the short term and will be majorly guided by the movement in USD and Fed’s take on further rate cuts in the upcoming meetings.”
In the last week of the November Colin Shah had said on Gold Price Movement and Outlook! Gold prices witnessed some softness in today’s trade after hitting a 3-week high in the international market. A higher inflation print in the US has dampened further hopes of rate cuts, negatively affecting gold prices.
As far as the domestic market is concerned, the ripple effect of this was clearly witnessed, where the price of yellow metal is hovering near INR 78,000 level, which is 5% below its all-time high mark.
Gold, the safe haven asset, witnessed a spike in its prices in a low interest rate regime. Going ahead, gold prices are likely to scale new highs which will be fuelled by the current geo-political tensions in the Middle East and further intensification of war between Russia and Ukraine.”
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