Mr. Prithviraj Kothari, MD CEO of RiddiSiddhi Bullions Limited (RSBL)
Gold prices touched $2145/oz in international markets and Rs 64000/10 gm in domestic markets on the reemergence of Geopolitical Tensions in the Middle East and on rising speculation that FED will start cutting interest rates from March 2024 after a series of rate hikes in last 20 months.
Gold prices have risen 15% in the last two months on this news and are in the overbought zone. Traders should be cautious and book long positions and we are likely to see a correction in prices now. $2000 (~ Rs 61000) is the strong support, where prices can consolidate again.
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