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On April 1, the price of 24 carat gold reached a historic high of Rs 70,000 per 10 gm, sparking excitement in Mumbai’s Zaveri Bazar. According to Kanaya Kakad of IBJA (India Bullion and Jewellers Association), the current retail rate stands at Rs 70,700 per 10 gm, reflecting a significant increase from Rs 68,500 just a day earlier. Global factors are cited as the driving force behind this surge in prices.
Future Projections and Market Sentiment
Kakad predicts that gold prices may rise further to Rs 72,000 within the next 10-15 days. He emphasizes that the upcoming festival of Gudi Padwa on April 9 will serve as a litmus test for buyer sentiment. Despite initial shock, consumers are expected to resume purchases due to gold’s status as a appreciating asset that offers complete control to the buyer, unlike other investment options such as stocks and real estate, which are subject to market fluctuations.
Gold Price Outlook for 2024
Looking ahead to 2024, several factors are expected to influence the trajectory of gold prices. The policies enacted by major central banks, particularly the US Federal Reserve, will play a pivotal role. With the Fed signaling a shift towards rate cuts, coupled with moderation in inflation, the outlook for gold appears positive. Additionally, geopolitical tensions and the ongoing acquisition of gold reserves by central banks contribute to the metal’s allure as a safe-haven asset.
Price Targets for Gold and Silver
In terms of specific price targets, gold is anticipated to experience intermittent corrective phases but maintain an overall upward trend. Support levels are identified at Rs 59,500 and Rs 58,700 per 10 gm, while the possibility of reaching record highs of around Rs 72,000 per 10 gm is not ruled out. Similarly, silver is expected to remain strong, supported by industrial demand driven by the global transition to green energy.
Expert Analysis and Market Trends
Bullion dealers and analysts foresee gold prices continuing their upward trajectory. Factors such as the Federal Reserve’s hawkish stance, geopolitical tensions, and speculative buying contribute to this bullish momentum. Prithviraj Kothari of RSBL highlights the impact of global events on gold prices, projecting a short-term target of $2150 (Rs 65,500) and a long-term target of $2300 (Rs 70,000) in 2024.
Colin Shah of Kama Jewelry emphasizes the sustained momentum in gold prices, anticipating further gains in the backdrop of global economic events. Ravindra Rao of Kotak Securities discusses the influence of weak US economic data on Comex Gold prices and anticipates further cues from key indicators and Fed policy.
In summary, the outlook for gold remains positive, driven by a combination of economic, geopolitical, and market factors, with experts predicting continued price appreciation in the foreseeable future.
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