Log In

 
Company : RiddiSiddhi Bullions Ltd. 
Friday, December 16, 2016 9:30AM IST (4:00AM GMT)
 
(BSE:524480)
Impact of FED Hike on Gold Price: Prithviraj Kothari, MD - RSBL
Mumbai, Maharashtra, India

 
Mr. Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions Ltd. (RSBL) stated that US FED happened to deliver something that was unpredictable and which has not been the trend over the course of the year (BREXIT & US Election). US FOMC raised the federal funds rate by 25bps to 0.50% - 0.75% overnight, the only increase in this year and only the second in a decade. More importantly, modestly hawkish Yellen called for a further three interest rate increases during 2017.
 
Mr. Kothari further stated that double impact left Gold Bulls wanting for shelter as the safe haven metal fell below USD 1,140 testing USD 1,135 on the way. ETF's further 700k ounces of outflows made a strong bearish impact. Continuous USD strength being another bigger contributor for Gold price fall.
 
From here on, Gold has been gripped under the bear strength and with the US economic projections improving, it is tough for Gold prices to sustain higher levels. Until there isn't a major financial catastrophic or a fiscal stimulus (can't rule that out with the new US administration) or a geo-political tension, metals would remain pressured.
 
Support from here on is USD 1,120 and USD 1,070 and in INR 26,500 to INR 25,000. But these low levels could attract some fresh regional specific physical buying too. With Gold monetization drive, it won't be so easy for the Indian physical buying to support the prices here on even when Indians are entering the wedding season.

Photo Caption:  Mr. Prithviraj Kothari, Managing Director – RSBL

 
For News Release background on RiddiSiddhi Bullions Ltd. click here
 
Media Contact Details
Nirmal Phophalia, Newsmen PR, +91-9870003933, newsmenpr@gmail.com
 
 
Submit your press release
More News from RiddiSiddhi Bullions Ltd.

27/12/2017 10:30AM Image

RiddiSiddhi Bullions Ltd. Wins Several Recognitions on Being Associated with Flipkart

India’s premier bullion company, RiddiSiddhi Bullions Ltd. (RSBL) has always been the topmost choice of customers for buying gold, silver & Platinum. Keeping up with this, they were conferred with the greatest honour at ...

27/11/2017 5:25PM Image

RiddiSiddhi Bullions Ltd.'s Vice President, Purvesh Shah Presented with Top Zonal Flipstar of the Year 2017 Award during The Flipstar Awards 2017

One of the top bullion companies of India, RiddiSiddhi Bullions Ltd. (RSBL), was conferred with the greatest honour the "Top Zonal Flipstar of the Year 2017"" Award during the Flipstar Award 2017 ceremony, from the ...

17/08/2017 5:50PM Image

RiddiSiddhi Bullions Ltd.'s Managing Director, Mr. Prithviraj Kothari is Awarded with Best Gold Bullion Dealer of the Year 2016-17 at India International Gold Convention Ceremony

One of the top bullion companies of India, RiddiSiddhi Bullions Ltd. (RSBL), was conferred with the highest honour at the recently concluded awards from the India International Gold Convention (IIGC). Mr. Prithviraj ...

Similar News

17/01/2018 4:15PM Image

Grab Announces Acquisition of Bangalore-based Payments Startup iKaaz

Grab, the leading on-demand transportation and mobile payments platform in Southeast Asia, today announced it has acquired Bangalore-based payments startup iKaaz.

No Image

17/01/2018 1:10PM

Tata CLiQ Enters into a Strategic Partnership with Unicommerce for Omnichannel Service

TataCLiQ.com, the Tata group’s multi-brand phygital ecommerce business, has entered into a strategic partnership with Unicommerce, India’s leading omnichannel solution provider to further enhance the omnichannel ...

Multimedia Gallery
Mr. Prithviraj Kothari, Managing Director – RSBL