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

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.