2024-04-04 19:59:13
Sudha Shrimali, Mumbai: After the US Fed’s decision, gold continued to record its rise and reached Rs 69,364 per ten grams on Wednesday. Seeing gold, silver also came into bullish mode and crossed Rs 78,000 per kg. This rise in gold and silver prices has worried the buyers. Buyers were seen selling old gold at this level at the retail counters in Jhaveri Bazaar. Kumar Jain, head of Umaidmal Trilokchand Zaveri, said, ‘People’s minds have become so bullish that they are seeing gold at Rs 75,000. So at this level, the houses where weddings are taking place are recycling old gold to make heavy sets and for small jewellery, people are gathering at the counter with some cash and some old items. Now the old gold is coming out rapidly.Zomato got huge GST notice, fined crores of rupees, this effect will be visible on shares tomorrow
There should be a pullback in gold
Head of Kedia Commodity, Ajay Kedia said that after the decision of US Fed, there has been a sudden rally in gold and it has increased by Rs 8000 in gold. In the last 6 months, it has increased by 23% and considering the rally of March, now it can reach Rs 72,500 per ten grams. Buying activity will not be seen in it right now. Yes, there is potential risk and now there should be a pull-back or decline. We may once again see it at Rs 65,000 ($2150) for some time. Now the old gold will come out of the houses. The long term outlook is positive and there is a pullback in the market right now.
IBJA National Secretary Surendra Mehta said that inflation has increased in America, but despite this, gold becomes an attractive investment for investors due to the possibility of low interest rates, hence the prices are increasing. The advice to everyone is to buy a little at this rate, because historically it has been seen that gold falls after making a new top.
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There is a good rise in silver
In the last 6 months, silver, which was increasing slowly compared to gold, is suddenly seeing a rise. On Wednesday, Silver was trading at 78,250 in SCX. Rahul Mehta, head of Silver Emporium, says, ‘Silver did not rise at the same pace as gold. Silver is now catching up with the rise of gold. In such a situation, further rise in silver is expected. Silver was at Rs 78,292 on 5-5-2023 and has come to the same level today. Now silver is showing good strength going forward. It will not be surprising if silver is seen up to Rs 95,000 per kg. Yes, investors are advised to book profit at this rate and sit peacefully. Anything that goes up, comes down once. Book your profits and sit down.