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Year-End Quote from Mr. Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Limited

business Dec 15, 2023

Mr. Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Limited (RSBL)

Gold prices have risen almost 10% in International markets and almost 15% in Indian markets. Gold has created a triple top resistance around $2080 (~ Rs 63000) in the last three years. In 2023, Gold prices attempted to clear this resistance for a single day to touch $2150 (~ Rs 64500), but did not sustain. A lot of positive news, follow-through buying, and fear would be required for prices to surpass that level. Once it does, though, the possibility is that the bull run won’t end until $2250–$2300 (~Rs 68000–Rs 69000). While on the downside, prices have formed a base around $1900 (~Rs 58000), which would act as the floor of this bull run.