Gold price may go up to Rs 72,000 in 2024
New Delhi: Gold has given a good return of about 15 percent in the year 2023. Good returns are expected from gold in the year 2024 also. The US central bank, the Federal Reserve, has signaled the end of its most aggressive interest rate hike program yet. With signs of a significant decline in inflation, the central bank is expected to cut interest rates three times in 2024.
Markets are reacting to a possible rate cut from March 2024. This change may put downward pressure on the dollar index. This will cause a further decline in US bond yields. Due to this, the overall environment for sleeping will be stronger. There is a continuous increase in the price of gold. But there is also a possibility of intermittent decline. Falling prices may attract buyers. Due to this, prices may reach a new record high of around Rs 72,000 per 10 grams in the year 2024.
The international gold price is likely to reach the level of $2,060 to $2,090 per ounce in the year 2024, but if it remains around $2035, then on any correction the prices may cross the level of $2,115. This is what M.K. It has been said in a report on Wealth Management. The report said gold prices did not rise or limit their gains despite higher global inflation due to the rise in US rates.
The gold price has bounced from the low of the last 6 months to levels above $2,000 an ounce and is currently at $2,050. With the US dollar depreciating against other currencies and the dollar index falling, it was possible that US interest rates and especially the US official rate policy could soften very soon.
How far will silver go in 2024
Investors are attracted to silver due to strong industrial demand. Globally, in the year 2023, silver is seen trading in the range of $20 to $26 an ounce. After moving above the level of $ 26 per ounce or Rs 78,500 per kg, silver will see a strong momentum towards $ 30 per ounce or Rs 85,000-88,000 per kg. The support level of silver is Rs 70,000 per kg. Below this, the support is at Rs 66,500 per kg. Also, read this.
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