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 Below is a quote from Mr. Colin Shah, MD, Kama Jewelry on gold prices 

‘Gold prices are trading on a weak note, domestically the prices have fallen below the Rs 60,000/10gm mark. Internationally, the prices have slipped below the $2,000/oz mark. A hawkish comment from one of the US Fed officials on a likely rate hike in CY23 has led to a strengthening in the US dollar. Gold is a global commodity, valued in USD and a rise in the USD makes buying gold dearer. Also, the uncertainty surrounding the debt ceiling in the US has led to uncertainty around USD and gold prices. We expect gold to trade rangebound till clarity emerges from the US on the debt ceiling, the next Fed meeting.

Back home, the RBI has announced the withdrawal of Rs 2000 currency notes. There are some reports of panic gold buying

to exhaust the Rs 2000 currency notes. This may lead to a rise in demand for gold albeit temporarily. While gold is a good preposition from an asset allocation point of view. Investors should not look at hoarding it. They should keep in mind the prescribed limits for individuals to hold and store gold at home for individuals, unmarried and married women.’

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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