Gold prices on MCX increased by 12% in FY24, from Rs 59,400 to over Rs 67,000 per 10 grams due to international crises such as Israel-Hamas war and Russia-Ukraine crisis.
Gold demand reached a record high of 4,899 tonnes globally in 2023 due to central bank acquisitions and sales. The World Gold Council predicts India’s gold consumption to reach 800-900 tons in 2024, driving up gold prices in the upcoming fiscal year.
“Gold has increased by approximately 6.2% since the beginning of 2021, which is a great start. One of the reasons behind this surge has been the record purchases of gold made by central banks in the last two years. Gold has greatly benefited from this specific development, and it seems likely that this trend will continue.”
An expert in commodities at Equities recently commented on the topic of gold’s long-term prospects. They stated that there is confidence in the metal’s future with a target price of $2,410 per ounce. However, the expert advised caution and suggested considering collecting profits at the $2,280 mark for the time being.
