Quote from Mr. Prithviraj Kothari, MD CEO of RiddiSiddhi Bullions Limited (RSBL) on gold prices during the geopolitical tensions:
Gold and Silver prices rocketed 4% and 5% respectively last week and showed a stellar performance as escalating geopolitical tensions improved safe-heaven demand. Because of escalating Israel-Hamas tensions and increased anticipation that the Fed would not raise interest rates further this year, precious metals had their best week in seven months.
The next resistance for Gold is $1965 (Rs 60000), prices need to sustain above this level to continue its bull run. While Silver has formed a bullish reversal pattern on weekly charts. It seems the bottom has been made for the short term and the rally is expected to continue towards $24 (Rs 73500).
As the auspicious period of Navratri has started, it is best time to buy precious metals.