Quote on Gold & Akshaya Tritiya By` Jateen Trivedi, LKP Securities
Below Quote on Gold & Akshaya Tritiya By Jateen Trivedi, VP Research Analyst at LKP Securities.
In the last one month Gold has touched 2000$ spot, & 61000+rs in India. The outlook still looks bullish as the US Federal Reserve has raised interest rates after 14 years by 500 basis points in the last 12 months, the risk of economic crisis, contraction and recession has risen.
Since last one week before Akshaya Tritiya Gold price has been holding near 60000 down from 61350 odd levels in MCX thus investors buying Gold on this auspicious day shall be keenly expected prices to drop somewhat for getting a bargain on the Akshaya Tritiya day that is Saturday 22 April.
Broadly outlook remains positive for Gold as interest rate cycle can come to pause if not reverse in next 3months.
The central banks have been buying Gold also the modes of buying Gold have increased in recent times suggesting forecast of pickup in demand hence provision have been made for accumulation for participants.
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