Gold prices are hovering around record high prices (~Rs 66000) on the likelihood that the Federal Reserve would begin lowering interest rates at the June policy meeting is still factored into the markets. This helps limit the downside for the price of gold by keeping a lid on US bond rates and the value of the US dollar. Amidst geopolitical uncertainties and anticipations of a potential worldwide economic downturn in 2024, traders were hesitant to make aggressive bearish bets on the safe-haven commodity of gold. Prices are expected to consolidate a bit in the range of Rs 65000 to Rs 66000 before moving higher towards the next resistance of Rs 68000.
