Recently at the occasion of festivity and jewellery buying season Prithviraj Kothari, MD CEO of RiddiSiddhi Bullions Limited (RSBL) shared his expertise view on gold prices during the Federal Reserve announcement.
He said, gold prices are trading steady around Rs 61000, supported by a weaker dollar and Treasury yields after the Federal Reserve struck a less hawkish tone than expected, although gains in gold were limited by increased risk appetite.
As was generally anticipated, the central bank kept interest rates unchanged on Wednesday (1 November 2023). Markets, however, were pricing in a lower likelihood of any additional rate hikes following remarks made by Fed Chair Jerome Powell, who also noted that financial conditions have significantly tightened in recent months.
Gold prices, if it sustains above 61100, can rise to 61400. If it sustains below 60700, can retrace up to levels of Rs 60200, due to the profit-booking of a steep rally.