Recently, Colin Shah, MD, Kama Jewelry expressed his view on gold price perspective! He said, Brief profile of the spokesperson Gold prices are trading on a weak note, domestically the prices have fallen below the Rs 60,000/10gm mark. Internationally, the prices have slipped below the $2,000/oz mark.
A hawkish comment from one of the US Fed officials on a likely rate hike in CY23 has led to a strengthening in the US dollar. Gold is a global commodity, valued in USD and a rise in the USD makes buying gold dearer. Also, the uncertainty surrounding the debt ceiling in the US has led to uncertainty around USD and gold prices.
We expect gold to trade range bound till clarity emerges from the US on the debt ceiling, the next Fed meeting.
Back home, the RBI has announced the withdrawal of Rs 2000 currency notes. There are some reports of panic gold buying to exhaust the Rs 2000 currency notes. This may lead to a rise in demand for gold albeit temporarily.
While gold is a good preposition from an asset allocation point of view. Investors should not look at hoarding it. They should keep in mind the prescribed limits for individuals to hold and store gold at home for individuals, unmarried and married women.”
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