Log In

 
Company : RiddiSiddhi Bullions Ltd. 
Friday, December 16, 2016 9:30AM IST (4:00AM GMT)
 
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.

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 ...

12/08/2017 11:18AM Image

RiddiSiddhi Bullions Ltd.'s MD, Mr. Prithviraj Kothari is Awarded with Maharajah of the Bullion Industry and Best Gold Seller in India at The Bullion Federation Ceremony

One of the top bullion companies of India, RiddiSiddhi Bullions Ltd. (RSBL), was conferred with the top honours at the recently concluded awards from the Bullion Federation. The apex body of the bullion trade in India, ...

27/02/2017 1:30PM Image

Factors Affecting GOLD Prices in 2017 - Mr. Prithviraj Kothari, MD, RSBL

Mr. Prithviraj Kothari, MD, RSBL, states the factors that could affect gold prices in 2017.

Similar News

21/08/2017 6:10PM

CHEEP: A Tech Driven Mobile Services Marketplace

CHEEP is an on demand home service provider app which connects consumers with thousands of qualified, verified and insured service professionals to fulfill all kinds of household needs.

No Image

21/08/2017 5:50PM

Max Life Insurance Takes Another Leap in Customer Centricity

Through yet another customer first initiative, Max Life Insurance, one of the leading life insurers of India, has been able to reduce the unclaimed overdue amount to customers to just Rs. 50 cr. as on 31st March 2017 as ...

Multimedia Gallery
Mr. Prithviraj Kothari, Managing Director – RSBL