The yellow metal price is hovering at Rs 63,060 per 10 grams on the commodity stock exchange MCX and around $2,058 an ounce in the international market at a time the rupee is trading above 83 against the dollar
The price of gold is likely to touch ?70,000 per 10 grammes in 2024, say experts. On Dec 31, the price of 10 gms of 22 carat and 24 carat gold stood at ? ?58,550 and ?63,870 respectively.
Earlier this month, the gold prices had skyrocketed again due to tensions in the Middle East. On May 4, the price of gold had hit a new high of ?61,845 per 10 gms and $2,083 an ounce in the global markets. Six months later, the price touched a record high of ?61,914 on November 16, Commtrendz Research director Gnanasekar Thiagarajan told PTI.
Thiagarajan added that it is expected that gold prices will eventually rise to $2,400 in the new year. If the rupee is stable, he added, the gold is likely to reach the ?70,000 levels. With the general elections approaching, the rupee could weaken as Foreign Institutional Investors (FIIs) are expected to lighten up their portfolios, which could end up bolstering domestic prices for gold.
According to Kotak Securities vice president and head of commodity research Ravindra Rao, the retail jewellery purchase might face headwinds from higher domestic prices in India and China.
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