gold rate today

A big shock to the gold buyers, there was a huge increase in the price of gold by Rs

Hello friends after the gold price hit a record high in the international market, the domestic market is witnessing a huge upswing. Gold has touched a seven-month high in the domestic market. In the bullion market, gold has touched the level of Rs 62,775 per 10 grams. The fall in the US dollar and bond yields is driving up the price of gold in international markets. The Federal Reserve is expected to cut rates in the coming months. The gold trend is  at an all-time high. 

Silver has moved above 77000 on MCX

Gold and silver prices witnessed a mixed trend on the Multi Commodity Exchange (MCX) on Wednesday. On the MCX, gold was trending down by Rs 36 to Rs 62686 per 10 grams and silver was trending up by Rs 26 to Rs 77019 per kg. Earlier, on the MCX, gold closed at Rs 62722 and silver at Rs 76993. per kilogram.  This price of gold and silver is said to be the highest since May 5th. Gold prices have risen by roughly 10 percent since the beginning of this year.

 Can gold price rise to$ 2,400 situations in 2024 — explained with 5 reasons

Judges are bullish on the bullion and anticipate the possibility of gold rates hitting$ 2,400 an ounce in the time 2024 on the reverse of a multifaceted interplay of profitable, geopolitical, and request factors.

Spot gold traded around$ 2,041.76 per ounce on Thursday, after hitting its loftiest since May 5 in the former session, and was poised for its alternate straight yearly gain.

Gold prices in the transnational request traded near a near seven- month high position amid prospects that interest rate cuts in the US would come sooner than anticipated.

Spot gold traded around$ 2,041.76 per ounce on Thursday, after hitting its loftiest since May 5 in the former session, and was poised for its alternate straight yearly gain. US gold futures for December delivery was around$ 2,042.40 per ounce position.

Judges are bullish on the bullion and anticipate the possibility of gold rates hitting$ 2,400 an ounce in the time 2024 on the reverse of a multifaceted interplay of profitable, geopolitical, and request factors.

"The volatility of the gold price has increased significantly and the volatility has produced strong returns a number of times over the six months. We remain bullish on gold and anticipate the prices to hit new highs of around$ 2,240 if the volatility continues. We also anticipate the prices can reach$ 2,400 coming time if the fundamentals remain strong," said Ajay Kedia, Director, Kedia Advisory.

The protuberance of gold reaching$ 2,400 in 2024 is intricately tied to a complex web of profitable, geopolitical, and request dynamics. These factors inclusively paint a picture of gold as a flexible and sought- after asset, offering stability and value in the face of a myriad of global misgivings, Kedia Advisory said in a report.

Kedia lists out certain crucial factors that may lead to farther rally in the gold prices.

Then are top 5 factors that are likely to support gold prices

Interest rate cut

Gold prices are linked to US affectation rates. When interest rates are low, the relative attractiveness ofnon-interest-bearing means like gold increases as the occasion cost of holding bullion diminishments.

The US Federal Reserve officers this week flagged the possibility of a rate cut in the forthcoming months and anticipated growth to decelerate down and affectation to continue to ease, dragging yields on 10- time Treasury notes to a two- and-a-half month low of4.2470, Reuters reported.

The prospects of interest rate cuts in 2024 is a major catalyst that may contribute to upward instigation in gold prices.

Central bank buying

Gold buying by central banks around the world has been at a major pace. The gold demand( banning OTC) in the July- September quarter increased to 1,147 tonnes, which was 8 advanced than its five- time normal.

According to the World Gold Council’s rearmost report, central banks have bought a net 800 tonnes of gold time- to- date( YTD), the loftiest on record for that nine- month period.

Affectation

Kedia believes high affectation will prevail going ahead which will support the unheroic essence prices.

Gold acts as a barricade against affectation due to its palpable value and limited force. Traditionally, as affectation rises, the demand for gold increases, driven by investors seeking safe- haven means. still, gold prices may parade oscillations during ages of high affectation.

                                      

“ The intricate relationship between gold prices and US affectation is apparent, with prospects of a rise in 2024. still, the exact line remains uncertain due to the complex interplay of factors, including implicit rate cuts in the ultimate half of 2024, adding layers of unpredictability to the gold request," the brokerage report said.

ETF, gleeful demand

Kedia is of the view that the demand for gold exchange- traded finances( ETFs) along with investment and gleeful demand, especially in China, will also continue to support the bullish instigation in the unheroic essence prices.

The demand for gold as an investment went up to 52 on a time- on- time base in 2020, indicating that Indians are now choosing gold ETFs and Sovereign Gold Bonds( SGBs) over physical gold. The time- to- date global gold ETF effects have dropped by 6, while total means under operation( AUM) rose 3, fuelled by robust gold price performance.

Dedollarization

Dedollarization is the process of reducing dependence on the US bone as the global reserve currency and medium of exchange for transnational trade and investment. One consequence of divestment is increased demand for gold as an indispensable store of value and as a barricade against affectation and currency threat.

According to some judges, this trend will continue as numerous countries diversify their reserves down from the bone and into gold. One of the main motorists of gold demand is China, India, Russia, and Turkey, which buy record quantities of gold to cover their frugality from bone oscillations and increase their fiscal independence. These countries are looking for ways to settle trade and investment in their own or third- party currencies similar as the Euro, Yuan, or Rouble, the brokerage report noted.

The implicit preface of a gold- backed currency by the BRICS nations in 2023- 24 could potentially impact the price of gold.

Overall, amid all these factors and several others, Kedia expects transnational gold prices to hit$ 2,240 an ounce soon in 2024, while MCX gold prices may touch ₹ 68,000 per 10 grams position coming time.

Disclaimer The views and recommendations made over are those of individual judges or broking companies, and not of Mint. We advise investors to check with pukka experts before taking any investment opinions.