Analyzing Gold Price Trends and Predictions for 2024: Gold Prices May Reach 70000 INR in 2024, Says Expert

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Analyzing Gold Price Trends and Predictions for 2024: In the constantly changing global economy, gold remains a popular and trustworthy investment. Our experts have studied the complex factors that affect the gold market and they forecast a major increase in gold prices. It is expected that the price of gold will reach ₹70,000 for every 10 grams in 2024. This prediction is based on careful analysis of various factors, such as a stable currency, uncertain political situations, and slower worldwide economic growth.

Current Market Summary

Currently, the price of gold is ₹63,060 for 10 grams on the MCX commodity stock exchange. Globally, it is $2,058 for one ounce. It is interesting to see that gold prices have remained strong even though the rupee is trading at more than 83 against the U.S. dollar. In early December, tensions in the Middle East and the belief that the cycle of increasing interest rates had ended caused prices to go up.

Volatility and Record Highs

Despite some ups and downs, the price of gold reached significant milestones this year. On May 4, it reached ₹61,845 per 10 grams in India and $2,083 per ounce globally. Then, on November 16, it hit a record high of ₹61,914 per 10 grams, showing that it is considered a safe investment. Gnanasekar Thiagarajan, the Research Director at Commtrendz, expects the price to continue rising, potentially reaching $2,400 by 2024. This could push the domestic price in India to around ₹70,000.

Economic and Political Factors

India’s upcoming elections make it important for the rupee to remain stable. During this time, Foreign Institutional Investors (FIIs) may change their investment portfolios, which could lead to an increase in gold prices. Ravindra Rao, Vice President of Kotak Securities, highlights that higher domestic prices might discourage people in India and China from buying jewelry. However, he also mentions that central banks buying gold and strong demand for gold bars and coins are positive factors, particularly given the rise in bond yields and the strength of the U.S. dollar.

Central banks and the global demand for goods and services

Central banks bought a lot of gold, which helped boost demand despite problems with consumption in India and a decrease in jewelry demand in China. Mr. Rao points out that the price of gold on the Comex market is having difficulty going past $2,080-2,090. He says that this shows how geopolitical uncertainties, slow global economic growth, and economic instability make gold more attractive to investors.

The effect on retail and predictions for the future

Saiyam Mehra, the head of an Indian jewelry council, says that the changing prices are affecting sales. Even though there are a lot of weddings happening (around 3-3.5 million), he expects that the high prices, which might reach $2,250-$2,300 and ₹68,000-70,000 in 2024, will keep the sales similar to 2022 levels. The CEO of the World Gold Council in this region, Somasundaram PR, agrees with this and adds that the prices of gold have been very high worldwide. He predicts that in 2024, the prices will be influenced by things like changes in the economy, the strength of the dollar, and world events.

The view and future of the industry

Vipul Shah, who is the Chairman of the Gem Jewellery Export Promotion Council (GJEPC), looks back at the difficult year that exporters experienced in 2023. However, he predicts things will get better in 2024. He thinks interest rates will decrease, problems related to geopolitics will be resolved, and there is a possibility that the Chinese market will open again.


In conclusion, the gold price forecast for 2024 is interesting because of various reasons. Factors like political tensions, central banks, and economic uncertainties affect gold prices. Understanding the interaction of these global economic forces is important for investors and enthusiasts.

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