Trending gold price that catch the eye of the gold players on gold prices at record high and in the row Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Limited (RSBL) said, “Gold trades at an all-time high price domestically. Gold prices have advanced nearly $70 in the last two trading days, breaking the range of $2000 to $2060, it traded in Jan and February.
Prices got a boost from New York Community Bancorp (NYCB) shares collapsing last week, triggering the speculation of banking crisis 2.0 in 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.”
While Ravindra Rao, Head – Commodity Research at Kotak Securities focussed on Gold-Crude relation & said, “Comex Gold prices saw the highest daily close on Monday, March 4, and is trading near the record high of $2,152.3 per troy ounce notched in December 2023, as weak US economic data last week improved the conviction that the Federal Reserve might start cutting rates in next the coming months. Recently, Fed Governor Waller said he favored a shift in the Fed’s holdings toward a larger share of short-term treasuries. Markets now focus on US ISM Services, Jobs data and Powell’s testimony for more cues on Fed policy path.”