Will Gold Prices Cross Rs 70,000 Mark in 2024? Analyst Opinions


The present gold price is ₹63,060 per 10 grams on the MCX commodity stock exchange. According to various commodity experts and analysts, there is speculation that the gold price might significantly increase, possibly reaching Rs 70,000 for 10 grams by the end of 2024.

Sachin Kothari, Director at Augmont Gold for All, mentions that in the first week of December 2023, gold prices reached a new record high of $2150/oz in international markets and Rs 64,400/10 gm in domestic markets. This surge was attributed to geopolitical tensions in the Middle East and speculation about the Federal Reserve cutting interest rates in March 2024. However, changes in the scenario, such as a shift in rate cut probability to June 2024, have occurred due to inflation not dropping rapidly.

Will Gold Prices Cross Rs 70,000 Mark in 2024? Analyst Opinions

Key Points for Gold Buyers:

  • The current price of ₹63,060 per 10 grams is already quite high, but some analysts believe it could go even higher.
  • The Federal Reserve’s interest rate decisions significantly impact gold prices. A delay in the rate cut might affect the prediction.
  • Factors like economic recovery, rising consumer demand in emerging economies, and geopolitical tensions could contribute to a gold price increase.

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Several economic factors and market trends are supporting the speculation of gold prices reaching Rs 70,000 per 10 grams by the end of 2024:

  • Global Economic Shift Post-COVID-19: The global economy has undergone a paradigm shift post-COVID-19, with central banks implementing near-zero interest rates. In a low-interest rate environment, gold, known for its non-yielding property, becomes an attractive option.
  • Increased Gold Demand: Gold demand is expected to escalate with the increased purchasing power of consumers in emerging economies, particularly India and China.
  • Geopolitical Tensions: Geopolitical tensions, such as the Russia-Ukraine war and particularly shifts in business interests in the Middle East, have historically impacted gold prices. Any escalation in geopolitical conflicts tends to contribute to a rise in gold prices.
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