Before delving into the Gold trend at the end of the year, consider Colin Shah, MD, Kama Jewelry,’s take on the US Fed Rates Announcement. “The US Fed kept interest rates on hold, but the commentary was dovish,” he remarked. The hint of rate decreases as early as next year and much after that is particularly encouraging. The sole stipulation is that economic indicators remain on pace. Interest rate guidance is a slow but steady method to bringing core inflation within the intended range of 2%.
Lower interest rates are good news for the gold, diamonds, and jewelry industry as a whole. Gold has been setting new highs, and the positive trend is projected to continue. Gold prices will rise as a result of geopolitical tensions and a slowdown in global economic development. Domestic demand is expected to continue strong. The continuing wedding season is projected to keep demand for gold and jewelry high.”
Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL), stated for gold trend at the conclusion of the year. Gold prices have increased by about 10% in international markets and nearly 15% in Indian markets. In the last three years, gold has formed a triple top resistance at $2080 (Rs 63000). In 2023, gold prices attempted to break above this obstacle for a single day, reaching $2150 (Rs 64500), but failed to sustain.
For prices to rise above that level, a lot of good news, follow-through buying, and fear would be required. However, once it does, the Bull Run could continue till $2250-$2300 (Rs 68000-Rs 69000). On the downside, prices have created a base around $1900 (Rs 58000), which would serve as the Bull Run’s floor.