GJ Town India

A bull flag pattern that’s developed on this commodity!   Recently, Sandip Raichura, CEO - Retail Broking and Distribution, Director - PL Broking and Distribution said, “Since our last piece, gold has inched upwards overtaking the USD 2700 mark and hitting almost USD 2760. Even in domestic markets gold is now ruling at above 77k per 10 grams as Diwali gets closer. There is a bull flag pattern that’s developed on this commodity contrary to expectations and therefore further momentum is staying unabated.   Surprisingly gold has maintained its upward trajectory despite a cooling off in tensions in the Middle East as well as the USD rise – which should typically be negative for gold. One suspects that the two key pivotal data points – which may not have come to the fore for now for gold - may be the Initial Jobless Claims report on 24 October, Thursday – where a stronger economy would mean negative trigger for gold – and of course the US elections which are just around the corner a

Gold price support over Rs 61K per 10 grammes   Right now our auspicious festive Gudi Padva, is just at latch and gold price trend is on rock! At the occasion Somasundaram PR, Regional CEO, India at World Gold Council (WGC) said, “This year Gudi Padwa is being celebrated even as gold prices are headed for historic highs in the domestic market.    As economic growth influences demand significantly and this gets reflected in gold purchases on such auspicious days, demand is poised for good growth in 2023. Price pressures could keep rural demand subdued. Urban buying and digital gold accumulations which permit flexible low-ticket sizes could be emerging stories during this festive season.”  In general WGC is not focussing much on gold price trend and gold price outlook. In the perspective Colin Shah, MD, Kama Jewelry expressed as an expert on gold prices hitting Rs 60,000/10gm level.  He said, “Gold prices have risen almost 7-8% in the past month.    The rally in the yellow metal is p