Golden Symphony: 2024 Forecasts Soar to ₹70,000 and $2,400! #Highest Gold rates #BullionBoom


The Global market is witnessing the highest gold rates now a days. Earlier in the current month, gold prices experienced a notable surge, primarily attributed to heightened tensions in the Middle East. On Sunday, the prevailing rates for 10 grams of 22-carat and 24-carat gold were recorded at ₹58,550 and ₹65,270, respectively which is noted as the highest gold rate in the current year.

This marked an escalation from the previous month when, on May 4, the cost of gold reached a peak of ₹61,845 per 10 grams and $2,083 per ounce in the global markets. Notably, six months later, on November 16, the price achieved a new high of ₹61,914, as reported by Gnanasekar Thiagarajan, the Director of Commtrendz Research, in a statement to PTI.

Gold rates to reach ₹70,000 in 2024

Golden Symphony : What experts say

Thiagarajan anticipates a prospective surge in gold prices, projecting an ascent to $2,400 in the coming year. He further posits that, should the rupee remain stable, gold is likely to attain the ₹70,000 threshold. However, he cautions that approaching general elections may lead to a depreciation of the rupee, driven by potential divestment by Foreign Institutional Investors (FIIs), thereby bolstering domestic gold prices.

Ravindra Rao, Vice President and Head of Commodity Research at Kotak Securities, highlights potential challenges for retail jewelry purchases in India and China due to elevated domestic gold prices. He underscores the role of robust Reserve Bank of India (RBI) buying, coupled with substantial demand for gold bars and coins, in driving up the precious metal’s value amid rising bond yields and a robust US dollar throughout 2023.

Rao emphasizes the pivotal role of RBI buying in influencing gold demand over recent quarters. Moreover, he attributes diminished Indian jewelry consumption to high domestic rates and erratic monsoons, while a downturn in the Chinese economy has concurrently driven an upswing in jewelry demand.

Saiyam Mehra, Chairman of the All India Gem and Jewellery Domestic Council, draws attention to the interconnected factors impacting highest gold rates. He cites the US Federal Reserve rate cut and geopolitical tensions as contributors to a weakened rupee, foretelling a surge in gold prices expected to reach $2,250-2,300 and ₹68,000-70,000 in 2024. Mehra anticipates adverse effects on sales in the upcoming year, projecting business levels to mirror those of 2023.

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FAQs

What is the gold rates today for 1 Pavan in kozhikode?

Rs. 46840 as of 31 December 2023

What is the price of 22 carat gold in Gurgaon today?

24 Carat for 10grams – 63902
22 Carat for 10 grams – 58534

How much is 1 gram gold in Kerala?

Rs. 6132 per Gram

What is 22 carat gold rates today in Indore?

1 Gram for 22 Carat Gold in (INR) : ₹5,943
1 Gram for 24 Carat Gold in (INR) : ₹5,978
8 Gram for 24 Carat Gold in (INR) : ₹47,544
8 Gram for 24 Carat Gold in (INR) : ₹47,824

Why gold price is increasing today? #highest gold rates

Approximately 50% of India’s annual gold demand stems from weddings, and this year is anticipated to witness a pinnacle in the demand for wedding jewelry. The projection of heightened demand for jewelry has played a role in elevating domestic gold prices.

Will gold rate decrease in coming days 2024? #highest gold rates

The World Bank Commodity Outlook suggests that gold prices are anticipated to rise in 2024. The potential for an escalation of conflict in the Middle East is identified as a key factor that could lead to a significant surge in prices. This projection implies that a decrease in gold rates in the coming days of 2024 is not expected, and instead, there may be an upward trend influenced by geopolitical developments, particularly in the Middle East.

Will gold go up in the next 5 years? #highest gold rates

The analysis on Gold market suggests a potential upward trajectory for the price of gold in the next five years. Based on the projected annual growth rate of 11.2%, the estimate indicates that the value of an ounce of gold could potentially reach $3,441 by the end of that period. However, it’s important to note that predictions about financial markets, including the price of gold, are subject to various factors and uncertainties. Economic, geopolitical, and market-specific conditions can influence the actual trajectory of gold prices over time, and projections should be considered with caution.

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