Gold Price Predicted to Surge to Rs 56,000 Per Sovereign in 2024
In a market forecast that has caught the attention of investors, Gnanasekhar Thiagarajan, director of Commtrendz Research, a prominent market product research agency, predicts a significant surge in gold prices in 2024. Thiagarajan’s forecast suggests that the price of gold may exceed Rs 56,000 per sovereign this year. The driving factors behind this projected increase include the sustained strengthening of the Indian rupee against the US dollar and an economic slowdown in developed sectors. Currently, gold is trading close to Rs 63,060 per 10 grams in the domestic market, while its international counterpart stands at 2070 dollars per ounce.
With global financial sectors anticipated to face extreme crises, experts foresee a potential half-point interest rate cut by the US Federal Reserve before March, adding to the challenges faced by the US dollar. Amid this uncertainty, gold is likely to gain popularity as a safe-haven investment, with projections suggesting an international market price reaching up to 2,400 dollars per ounce in 2024.
