Gold likely to touch ₹70,000 in 2024, say experts

Gold price likely to touch ₹70,000 per 10 grams in 2024 due to rupee stability, geopolitical tensions & slowing global economy.

Continuing to glitter in 2024 as well, gold price is likely to touch ₹70,000 per 10 grams in the domestic market on the back of a stable rupee, geopolitical uncertainties and slowing global economic growth, according to experts.

Currently, the yellow metal price is hovering at ₹63,060 per 10 grams on the commodity stock exchange MCX and around $2,058 an ounce in the international market at a time when the rupee is trading above 83 against the U.S. dollar.

In early December, prices skyrocketed again on global tensions in the Middle East, and emerging market participants anticipated that the rate hike cycle has more or less ended.

While the gold price remained volatile this year, it reached a new high of ₹61,845 per 10 grams on May 4 in the domestic market and $2,083 an ounce in the global markets. Later, the yellow metal touched a record high of ₹61,914 per 10 grams on November 16, Commtrendz Research Director Gnanasekar Thiagarajan told PTI.

In a reflection of its safe-haven appeal, he said, gold touched an all-time high of ₹64,063 per 10 grams and $2,140 an ounce on December 4.

"We expect an eventual rise to $2,400 in 2024, and if the rupee is to be stable, gold is likely to reach around ₹70,000 levels. As India faces elections, the rupee could weaken as Foreign Institutional Investors (FIIs) are expected to lighten up their portfolios, which could further bolster domestic prices for gold," he said.