Colin Shah, MD, Kama Jewelry just reviewed the jewellery market scenario just ahead of festive season. He said on the Gold hitting new high! Gold prices may scale $3000/oz globally in the medium to long term, Gold prices have scaled a fresh high of USD 2,660 in early trade in the recent!
The key drivers behind this rally can be attributed to the positive global cues followed by strong anticipation for further rate cuts by the US Fed in the upcoming meetings. The geopolitical tensions between Israel and Lebanon are also pushing gold prices up.
Back in domestic market, the sentiment is upbeat as the festive season has already begun. However, presently due to Shradh period, the demand may witness some softness but is expected to gain momentum at the onset of Navratri till Dhanteras.
Gold prices have managed to cross the critical resistance level of $2630 comfortably. This indicates a strong support towards $3000 levels in the medium to long-term. The prices in the domestic market is expected to cross INR 78,000 domestically.”
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