Prithviraj Kothari, MD of RiddiSiddhi Bullions Limited (RSBL), shared his opinion because gold prices in India are at an all-time high.
He stated that gold prices reached $2145/oz in international markets and Rs 64000/10 gram in local markets due to the re-emergence of geopolitical tensions in the Middle East and increased speculation that the FED will begin cutting interest rates in March 2024 following a sequence of rate hikes in the previous 20 months.
Gold prices have climbed 15% in the last two months as a result of this news, putting them in the overbought zone. Traders should be careful and book long positions now, since prices are likely to reverse. The sturdy support level of $2000 (Rs 61000) is where prices can stabilize once more.