Quote on Gold by Rajeev Sharan, Head of Research, Brickwork Ratings
Below the Quote on Gold by Rajeev Sharan, Head of Research, Brickwork Ratings
"Gold prices have entered a phase of consolidation after a strong run earlier this year. Globally, spot gold slipped from above USD 4,100 to around USD 3,880 per ounce this week, well below the third-quarter average of USD 4,262 per ounce. Mirroring this global shift, domestic 24-carat gold eased from INR 142,420 to INR 135,809 per 10 grams, while December futures settled near INR 136,750 per 10 grams. The pullback reflects a firmer US dollar and rising bond yields after US consumer prices rose 0.4% in October, lifting market expectations of a December Federal Reserve rate hike to nearly 90%. While prices may move between USD 3,850 and USD 4,000 per ounce in the near term, wedding demand in India and steady central bank buying should help limit the downside. Rate worries may weigh on sentiment in the short term, but steady demand continues to support gold’s long-term appeal."
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