Insights from Mr. Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL)
Gold trades at an all-time high price domestically. Gold prices have advanced nearly $70 in the last two trading days, breaking the range ofg $2000 to $2060, it traded in Jan and Feb. Prices got a boost from New York Community Bancorp (NYCB) shares collapsing last week, triggering the speculation of Banking crisis 2.0 in the US. This week we are seeing follow-through buying and investors jumping into the gold market with FOMO fear. FED Hawkish stance, continued geopolitical tensions, and strong speculative and investment demand are the other factors supporting prices. Due to rupee depreciation, gold prices have touched record high prices in India. Prices are expected to continue their bullish momentum till $2150 (Rs 65500) in the short term. The long-term bullish view is still intact with a target of $2300 (Rs 70000) in Gold in 2024.
