Bullion expert, Prithviraj Kothari, MD CEO of RiddiSiddhi Bullions Limited (RSBL) gaze on Gold based on current situation!
The first week of October was very negative for bullion, as prices were hammered on the Federal Reserve’s aggressive stance for higher-for-longer monetary policy which drove the Dollar index to touch 107 levels and US Treasury Bond yields to surpass 5%, the highest in 16 years.
However, Gold prices rebounded from the low of Rs 56000 last week as prices were trading in an oversold zone and Geopolitical tensions sparked a new wave of global risk aversion, assisting the safe-haven gold price to rise. On Saturday morning, Israel launched airstrikes on Gaza and declared war on the Palestinian territory, in response to an unprecedented attack on Israeli towns by the Hamas militant group in Gaza.
From current levels of Rs 57500, it seems, this momentum is likely to continue at least towards the next resistance of Rs 58000 and 58500 in the short term. While Silver can be bought near Rs 68000 for the target of Rs 70000 and Rs 72000 in the short-term.
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