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Below Perspective On Gold/silver prices at a record high By Mr. Colin Shah, MD, Kama Jewelry

“Gold prices have rallied nearly to record highs. Domestically, it has touched Rs 61,498/10 gm, with silver at Rs 77,500/kg. Internationally too, the precious metals are trading at record highs, with gold hitting $2080 and silver at $26, respectively. The rally in the prices of precious metals is largely due to the developments in the US-Fed meeting, the debt ceiling, and concerns around slowing economic growth affecting the USD and ultimately, the gold/silver prices.

The hiking of rates by the US Fed has put pressure on the USD, and indications of pausing and a likely mild recession in the later part of 2023 have provided support to gold prices.

The US government and the Treasury Department have raised their concerns about the deadlock and delay on the debt ceiling issue, and the slowing economic growth has created growth uncertainties, thereby pushing prices on the higher side.

The current setup has increased the appeal of safe haven investments like gold and silver. International gold prices are likely to hit $2090–2100/oz and Rs 62,500–62,750/10 gm and silver prices between Rs 77,600-77,800 and $26.50-27/oz in the short to medium term.”

Mr. Colin Shah, Founder and Managing Director of Kama Jewelry

Mr. Shah initiated into the diamond trade at the age of 17 with hands-on training in polished assortment, diamond manufacturing, and jewellery manufacturing. He is a first generation entrepreneur who started own business at the age of 21, exporting diamonds to Japan and Gulf along with the local market. He is a certified Gemologist from International Gemological Institute. He is Former Chairman of Gem Jewellery Export Promotion Council (GJEPC), and current member of FIEO.

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