Quote on Gold Price this Week from Mr. Prithviraj Kothari, MD CEO of RiddiSiddhi Bullions Limited (RSBL)
Gold prices retreat as there are growing chances of soft landing after strong US Jobs and manufacturing data. The highlight of this week will be the US August CPI data on Wednesday. A higher-than-expected monthly reading may encourage hawkish Fed bets and further weigh down on gold. In contrast, a lower-than-expected reading may have the opposite effect and aid in the recovery in Gold prices.
The next targets for the bears could be Rs. 58300 and Rs. 58000 if the price of gold falls below Rs. 58800 and begins to encounter that level as resistance. Before the Rs 59600 barrier, Rs 59200 is aligned as immediate resistance on the upside. To help Gold reach its next target of Rs. 60000, a daily close above that level might attract more buyers.