Perspective by Mr. Colin Shah, MD, Kama Jewelry
“The US Federal Reserve announced its interest rate decision today with the benchmark interest rates unchanged at 5.25 per cent – 5.50 per cent. Fed’s announcement to keep the rates unchanged is as per the expectations of the industry as assumed an impending fear of recession has limited the Fed’s ability to hike rates further. In the International market, the movement of the yellow metal will majorly depend on the economic data in the West, the intensity of the recession in the US along with the global geo-political conditions.
However, with the onset of the festive season in the domestic market, this pause will give a much-needed boost to gold prices as the purchase of gold during this season is considered to be auspicious. This will further drive the demand for gold in this period. The current pause is in result of the estimation of a hike in the rates in the near future considering that inflation is not in control. Having said that, we need to wait and watch the outcome of the next Fed meeting as it will play a major role in defining the gold prices right ahead of Dhanteras.”
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