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However, a few experts are going against the tide. “As US CPI data has cooled off to 3 per cent last month, this would be peak rates and the US Feb will pause for a few months,” said Prithviraj Kothari, Managing Director of RiddhiSiddhi Bullions (RSBL). “The sentiment can turn dovish if the Fed hints of doing so, which will be positive for gold,” he added.

At the end of a two-day meeting on Wednesday, it is widely anticipated that the FED will increase interest rates by 25 basis points, says Prithviraj Kothari, MD CEO of RiddiSiddhi Bullions Limited. “Markets appear to have largely factored in the rise, but traders are still unsure of what the FED will signal regarding the next policy. The likelihood that the bank will maintain rates at current levels for the remainder of the year is priced into the market, according to FED Fund futures prices, which is good news for the yellow metal. Gold prices need to sustain above Rs 60000 to continue their bull run towards a new high,” Kothari added.
MUMBAI – Gold prices are likely to remain range-bound with a downward bias this month, as expectations of further rate hikes by the US Federal Reserve and the European Central Bank may weigh on safe-haven demand. Sentiment for the metal may also be hit by a rally in riskier assets, outflow from gold exchange-traded funds, and weak demand in top gold consumers India and China.

Investors are advised to take advantage of the SGB Scheme 2023-24 subscription window, despite a fall in gold prices on MCX Gold Futures, according to analysts. The bonds are intended for long-term investment and the current dip in the price is short-term according to Prithviraj Kothari, CEO of RiddiSiddhi Bullions. The nominal value of the bond depends on the India Bullion and Jewellers Association’s average closing price for the last three working ..

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