Gold Price in 2024: This year also gold will become the choice of investors, price will cross 70 thousand, know the opinion of experts
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Gold Price in 2024: The year 2023 proved to be excellent for investors and companies in many respects. The boom in the Indian economy led to good earnings on every platform from stock market to investment. Meanwhile, gold remains the first choice of Indian investors even in the year 2023. At the beginning of last year, the price of ten grams of gold was around Rs 54 thousand. Which will cross 64 thousand in January 2024. In the beginning of December, due to global tensions, gold prices once again rose in West Asia. Emerging market traders estimate that the cycle of interest rate hikes has more or less ended. However, there was a lot of fluctuation in gold prices this year. On May 4, the price of gold in the domestic market reached an all-time high of Rs 61,845 per 10 grams. In global markets it reached a new high of $ 2,083 per ounce. Later, on November 16, gold touched a record high of Rs 61,914 per 10 grams. Experts estimate that in the year 2024, the price of gold may cross Rs 70 thousand per ten grams.
The attraction of gold increased as a safe option.
According to experts, due to the stability of the rupee, geopolitical uncertainty and slow global economic growth, the attraction of gold will continue in the new year. At present, gold is at the level of Rs 63,060 per 10 grams in commodity exchange MCX. In the international market it is around US $ 2,058 per ounce. At present the rupee has crossed 83 per dollar. Comtrendz Research Director Gyanshekhar Thiagarajan said that the attractiveness of gold as a safe investment option remains intact. This is the reason why on December 4 this year, the price of gold reached a new record of Rs 64,063 per 10 grams. In the global market it reached the highest level of $ 2,140 per ounce. He said that we hope that in 2024 it will finally reach $ 2,400 an ounce in the international market. Whereas in the domestic market, gold can reach the level of Rs 70,000 per 10 grams. He said that the rupee may weaken in the election year. This will increase the prices of gold at the domestic level.
Jewelery purchasing may slow down
Ravindra Rao, vice president – head of commodity research, Kotak Securities, said retail jewelery buying may face headwinds from higher domestic prices in India and China. If the current pace continues, demand from central banks could exceed last year’s record. Gold prices may remain high for some time, but the yellow metal will remain attractive due to the current geopolitical environment, slow global growth and economic uncertainty. All India Gem and Jewelery Domestic Council (GJC) Chairman Sanyam Mehra said that fluctuations in gold prices have affected sales and despite 30-35 lakh marriages this year, the business of the yellow metal will more or less remain the same as in 2022. He said that gold will be supported by the US Central Bank reducing interest rates and continuing geopolitical tensions, weak rupee. In the international market it can go to $2,250-2,300 per ounce. In the domestic market it can reach the level of Rs 68,000-70,000 per 10 grams.
Situation expected to improve in 2024
Somasundaram PR, Regional Chief Executive Officer (CEO) of the World Gold Council, said that due to various factors, gold prices have reached historic highs globally during the year. This has increased the role of gold for ‘hedging’ against inflation. He said that the price of gold in the September quarter was 12 percent lower than last year. The demand for gold in the year 2023 will be slightly less than last year by 700-750 tonnes. However, the value of investment in gold will remain somewhat higher. Gem Jewelery Export Promotion Council (GJEPC) Chairman Vipul Shah said that this year has been very difficult for exporters due to decline in demand in important markets. However, now the situation has improved somewhat. We hope that things will improve in 2024.
,with language input,
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