Gold market experts are foreseeing a notable surge in prices, with projections ranging from USD 3000 to USD 3200 per ounce. This revelation emerged during the second edition of the Kamakhya Gold Outlook event held at the Jio Convention Centre in Mumbai on May 17, 2024. Hosted by Mr. Manoj Jha, CMD of Kamakhya Jewels, the event brought together industry leaders to deliberate on the future trajectory of the gold market. Against the backdrop of record-high gold and silver prices in India, discussions revolved around providing guidance, particularly to Small and Medium Enterprises (SMEs), on navigating the dynamic gold price landscape and preparing for forthcoming trends.

As participants engaged in candid conversations over a sit-down dinner, market veterans shared their insights. Projections varied, reflecting the uncertainty prevailing in global markets. Mr. Manoj Jha suggested that a resolution of international tensions could trigger a correction, potentially driving prices below USD 2200, while escalating conflicts might propel rates upwards to around USD 2500. Notably, Mr. Prithviraj Kothari and Mr. Surendra Mehta envisioned prices soaring to USD 3000, with Mr. Kishor Narne projecting the highest at USD 3200.

The event also addressed sector-specific challenges and opportunities. Mr. Sachin Jain highlighted the resilience of gold imports despite soaring prices, while Mr. Suvankar Sen stressed the importance of robust hedging strategies amidst anticipated volatility. Emphasizing the significance of customer engagement, Mr. B.A. Ramesh underscored the need for expanding buying opportunities, while Mr. Chirag Sheth advocated viewing gold as a wealth creator beyond its investment appeal.

With participation from experts across banking, finance, retail, and media sectors, the event provided a comprehensive platform for sharing knowledge and insights on regulatory matters and market trends. Moderated by Ms. Manisha Gupta and Mr. Mrityunjay Jha, the discussions underscored the significance of collaborative efforts in navigating industry challenges and fostering innovation.

The success of the Kamakhya Gold Outlook 2024 underscored the importance of such gatherings in addressing industry dynamics and charting a course for sustainable growth. Participants lauded Mr. Manoj Jha's initiative and expressed optimism about the future of the gems and jewelry sector. They emphasized the need for continued dialogue and collaboration to navigate evolving market landscapes and drive collective progress.