{"id":8091,"date":"2023-12-31T10:43:19","date_gmt":"2023-12-31T10:43:19","guid":{"rendered":"https:\/\/jammubulletin.com\/site\/?p=8091"},"modified":"2023-12-31T10:43:19","modified_gmt":"2023-12-31T10:43:19","slug":"gold-likely-to-touch-rs-70000-in-2024-say-experts","status":"publish","type":"post","link":"https:\/\/jammubulletin.com\/site\/gold-likely-to-touch-rs-70000-in-2024-say-experts\/","title":{"rendered":"Gold Likely To Touch Rs 70,000 In 2024, Say Experts"},"content":{"rendered":"

MUMBAI, Dec 31: Experts\u00a0<\/span><\/span>predict\u00a0<\/span><\/span>that\u00a0<\/span><\/span>the\u00a0<\/span>price\u00a0<\/span><\/span>of\u00a0<\/span><\/span>gold<\/a>,\u00a0<\/span><\/span>which\u00a0<\/span><\/span>will\u00a0<\/span>continue\u00a0<\/span>to\u00a0<\/span>shine\u00a0<\/span><\/span>in\u00a0<\/span><\/span>2024,\u00a0<\/span><\/span>will\u00a0<\/span>reach\u00a0<\/span><\/span>Rs\u00a0<\/span>70,000\u00a0<\/span><\/span>per\u00a0<\/span><\/span>10\u00a0<\/span>grammes\u00a0<\/span><\/span>on\u00a0<\/span><\/span>the\u00a0<\/span>domestic\u00a0<\/span>market\u00a0<\/span><\/span>due\u00a0<\/span><\/span>to\u00a0<\/span>the\u00a0<\/span><\/span>rupee’s\u00a0<\/span><\/span>stability,\u00a0<\/span><\/span>geopolitical\u00a0<\/span><\/span>unpredictability,\u00a0<\/span><\/span>and\u00a0<\/span><\/span>the\u00a0<\/span>slowing\u00a0<\/span>growth\u00a0<\/span><\/span>of\u00a0<\/span><\/span>the\u00a0<\/span>world\u00a0<\/span><\/span>economy<\/a>.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>price\u00a0<\/span><\/span>of\u00a0<\/span><\/span>yellow\u00a0<\/span>metal\u00a0<\/span><\/span>is\u00a0<\/span>currently\u00a0<\/span>trading\u00a0<\/span><\/span>at\u00a0<\/span>about\u00a0<\/span><\/span>USD\u00a0<\/span><\/span>2,058\u00a0<\/span><\/span>per\u00a0<\/span><\/span>ounce\u00a0<\/span><\/span>on\u00a0<\/span><\/span>the\u00a0<\/span>international\u00a0<\/span>market\u00a0<\/span><\/span>and\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>63,060\u00a0<\/span><\/span>per\u00a0<\/span><\/span>10\u00a0<\/span>grammes\u00a0<\/span><\/span>on\u00a0<\/span><\/span>the\u00a0<\/span>commodities\u00a0<\/span><\/span>stock\u00a0<\/span>exchange\u00a0<\/span><\/span>MCX,\u00a0<\/span><\/span>while\u00a0<\/span><\/span>the\u00a0<\/span>rupee\u00a0<\/span><\/span>is\u00a0<\/span>trading\u00a0<\/span><\/span>above\u00a0<\/span><\/span>83\u00a0<\/span><\/span>against\u00a0<\/span><\/span>the\u00a0<\/span>US\u00a0<\/span><\/a><\/span>dollar<\/a>.<\/span><\/span><\/span> <\/span><\/span><\/span>Due\u00a0<\/span>to\u00a0<\/span><\/span>renewed\u00a0<\/span><\/span>global\u00a0<\/span>tensions\u00a0<\/span><\/span>in\u00a0<\/span><\/span>the\u00a0<\/span>Middle\u00a0<\/span>East,\u00a0<\/span><\/span>prices\u00a0<\/span><\/span>spiked\u00a0<\/span><\/span>in\u00a0<\/span>early\u00a0<\/span><\/span>December,\u00a0<\/span><\/span>leading\u00a0<\/span><\/span>emerging\u00a0<\/span><\/span>market\u00a0<\/span>participants\u00a0<\/span><\/span>to\u00a0<\/span>believe\u00a0<\/span><\/span>that\u00a0<\/span><\/span>the\u00a0<\/span>cycle\u00a0<\/span><\/span>of\u00a0<\/span><\/span>rate\u00a0<\/span>hikes\u00a0<\/span><\/span>had\u00a0<\/span><\/span>essentially\u00a0<\/span><\/span>come\u00a0<\/span><\/span>to\u00a0<\/span>an\u00a0<\/span><\/span>end.<\/span><\/span><\/span><\/span><\/span><\/span>Even\u00a0<\/span>though\u00a0<\/span><\/span>the\u00a0<\/span>price\u00a0<\/span><\/span>of\u00a0<\/span><\/span>gold\u00a0<\/span><\/span>has\u00a0<\/span>been\u00a0<\/span><\/span>fluctuating\u00a0<\/span><\/span>this\u00a0<\/span>year,\u00a0<\/span><\/span>on\u00a0<\/span><\/span>May\u00a0<\/span>4\u00a0<\/span><\/span>it\u00a0<\/span><\/span>hit\u00a0<\/span><\/span>a\u00a0<\/span>new\u00a0<\/span>high\u00a0<\/span><\/span>in\u00a0<\/span><\/span>the\u00a0<\/span>domestic\u00a0<\/span>market,\u00a0<\/span><\/span>reaching\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>61,845\u00a0<\/span><\/span>per\u00a0<\/span><\/span>10\u00a0<\/span><\/span>grammes,\u00a0<\/span><\/span>and\u00a0<\/span><\/span>USD\u00a0<\/span><\/span>2,083\u00a0<\/span><\/span>an\u00a0<\/span>ounce\u00a0<\/span><\/span>in\u00a0<\/span><\/span>the\u00a0<\/span>international\u00a0<\/span>markets.<\/span><\/span><\/span> <\/span><\/span><\/span>Later,\u00a0<\/span><\/span>on\u00a0<\/span><\/span>November\u00a0<\/span>16,\u00a0<\/span><\/span>Commtrendz\u00a0<\/span><\/span>Research\u00a0<\/span><\/span>Director\u00a0<\/span><\/span>Gnanasekar\u00a0<\/span><\/span>Thiagarajan\u00a0<\/span><\/span>revealed\u00a0<\/span>that\u00a0<\/span><\/span>the\u00a0<\/span>yellow\u00a0<\/span>metal\u00a0<\/span><\/span>reached\u00a0<\/span><\/span>a\u00a0<\/span>record\u00a0<\/span><\/span>high\u00a0<\/span><\/span>of\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>61,914\u00a0<\/span><\/span>per\u00a0<\/span><\/span>10\u00a0<\/span><\/span>grammes.<\/span><\/span><\/span> <\/span><\/span><\/span>He\u00a0<\/span><\/span>claimed\u00a0<\/span><\/span>that\u00a0<\/span>gold\u00a0<\/span><\/span>reached\u00a0<\/span><\/span>an\u00a0<\/span>all-time\u00a0<\/span>high\u00a0<\/span><\/span>of\u00a0<\/span><\/span>USD\u00a0<\/span><\/span>2,140\u00a0<\/span><\/span>for\u00a0<\/span><\/span>an\u00a0<\/span>ounce\u00a0<\/span><\/span>on\u00a0<\/span><\/span>December\u00a0<\/span>4\u00a0<\/span><\/span>and\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>64,063\u00a0<\/span><\/span>for\u00a0<\/span><\/span>10\u00a0<\/span>grammes\u00a0<\/span><\/span>on\u00a0<\/span><\/span>December\u00a0<\/span>4,\u00a0<\/span><\/span>reflecting\u00a0<\/span><\/span>its\u00a0<\/span>appeal\u00a0<\/span><\/span>as\u00a0<\/span><\/span>a\u00a0<\/span>safe\u00a0<\/span>haven.<\/span><\/span><\/span><\/span><\/span><\/span>“If\u00a0<\/span><\/span>the\u00a0<\/span>rupee\u00a0<\/span><\/span>remains\u00a0<\/span><\/span>stable,\u00a0<\/span><\/span>we\u00a0<\/span><\/span>anticipate\u00a0<\/span><\/span>an\u00a0<\/span><\/span>eventual\u00a0<\/span><\/span>rise\u00a0<\/span>to\u00a0<\/span><\/span>USD\u00a0<\/span><\/span>2,400\u00a0<\/span><\/span>in\u00a0<\/span><\/span>2024,\u00a0<\/span><\/span>and\u00a0<\/span><\/span>gold\u00a0<\/span><\/span>is\u00a0<\/span>likely\u00a0<\/span><\/span>to\u00a0<\/span>reach\u00a0<\/span><\/span>levels\u00a0<\/span><\/span>around\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>70,000.”<\/span><\/span><\/span> <\/span><\/span><\/span>Foreign\u00a0<\/span>Institutional\u00a0<\/span>Investors\u00a0<\/span>(FIIs)\u00a0<\/span><\/span>are\u00a0<\/span>anticipated\u00a0<\/span>to\u00a0<\/span>reduce\u00a0<\/span><\/span>their\u00a0<\/span>holdings,\u00a0<\/span><\/span>which\u00a0<\/span><\/span>could\u00a0<\/span>further\u00a0<\/span>support\u00a0<\/span><\/span>domestic\u00a0<\/span><\/span>gold\u00a0<\/span>prices,\u00a0<\/span><\/span>he\u00a0<\/span><\/span>said.\u00a0<\/span><\/span>As\u00a0<\/span><\/span>a\u00a0<\/span>result,\u00a0<\/span><\/span>the\u00a0<\/span>rupee\u00a0<\/span><\/span>could\u00a0<\/span>weaken\u00a0<\/span><\/span>as\u00a0<\/span><\/span>India\u00a0<\/span><\/span>prepares\u00a0<\/span><\/span>for\u00a0<\/span><\/span>elections.<\/span><\/span><\/span> <\/span><\/span><\/span>Higher\u00a0<\/span><\/span>domestic\u00a0<\/span>prices\u00a0<\/span><\/span>in\u00a0<\/span><\/span>China<\/a>\u00a0<\/span>and\u00a0<\/span>India\u00a0<\/span><\/span>may\u00a0<\/span>provide\u00a0<\/span><\/span>challenges\u00a0<\/span><\/span>for\u00a0<\/span><\/span>retail\u00a0<\/span><\/span>jewellery\u00a0<\/span><\/span>buyers,\u00a0<\/span><\/span>but\u00a0<\/span><\/span>if\u00a0<\/span><\/span>the\u00a0<\/span>current\u00a0<\/span><\/span>momentum\u00a0<\/span><\/span>continues,\u00a0<\/span><\/span>central\u00a0<\/span>banks’\u00a0<\/span><\/span>demand\u00a0<\/span><\/span>may\u00a0<\/span>surpass\u00a0<\/span><\/span>last\u00a0<\/span>year’s\u00a0<\/span><\/span>record.\u00a0<\/span><\/span>This\u00a0<\/span><\/span>was\u00a0<\/span>stated\u00a0<\/span><\/span>by\u00a0<\/span><\/span>Ravindra\u00a0<\/span><\/span>Rao,\u00a0<\/span><\/span>vice\u00a0<\/span>president\u00a0<\/span><\/span>and\u00a0<\/span><\/span>head\u00a0<\/span>of\u00a0<\/span><\/span>commodities\u00a0<\/span><\/span>research\u00a0<\/span><\/span>at\u00a0<\/span><\/span>Kotak\u00a0<\/span>Securities.<\/span><\/span><\/span><\/span><\/span><\/span>Rao\u00a0<\/span><\/span>pointed\u00a0<\/span><\/span>out\u00a0<\/span>that\u00a0<\/span><\/span>throughout\u00a0<\/span><\/span>the\u00a0<\/span>year,\u00a0<\/span><\/span>as\u00a0<\/span><\/span>the\u00a0<\/span>US\u00a0<\/span><\/span>Federal\u00a0<\/span>Reserve\u00a0<\/span><\/span>increased\u00a0<\/span><\/span>interest\u00a0<\/span>rates\u00a0<\/span><\/span>to\u00a0<\/span>a\u00a0<\/span><\/span>22-year\u00a0<\/span><\/span>high,\u00a0<\/span><\/span>strong\u00a0<\/span><\/span>central\u00a0<\/span>bank\u00a0<\/span><\/span>buying\u00a0<\/span><\/span>combined\u00a0<\/span><\/span>with\u00a0<\/span>strong\u00a0<\/span><\/span>bar\u00a0<\/span><\/span>and\u00a0<\/span><\/span>coin\u00a0<\/span><\/span>demand\u00a0<\/span><\/span>supported\u00a0<\/span><\/span>gold\u00a0<\/span>prices\u00a0<\/span><\/span>amid\u00a0<\/span><\/span>rising\u00a0<\/span>bond\u00a0<\/span>yields\u00a0<\/span><\/span>and\u00a0<\/span><\/span>a\u00a0<\/span>strong\u00a0<\/span>US\u00a0<\/span>dollar.<\/span><\/span><\/span> <\/span><\/span><\/span>Over\u00a0<\/span><\/span>the\u00a0<\/span>past\u00a0<\/span>few\u00a0<\/span>quarters,\u00a0<\/span><\/span>the\u00a0<\/span>purchasing\u00a0<\/span><\/span>of\u00a0<\/span>physical\u00a0<\/span><\/span>gold\u00a0<\/span><\/span>by\u00a0<\/span><\/span>central\u00a0<\/span>banks\u00a0<\/span><\/span>has\u00a0<\/span>proven\u00a0<\/span><\/span>to\u00a0<\/span>be\u00a0<\/span><\/span>a\u00a0<\/span>significant\u00a0<\/span>driver\u00a0<\/span><\/span>of\u00a0<\/span><\/span>demand.<\/span><\/span><\/span> <\/span><\/span><\/span>According\u00a0<\/span>to\u00a0<\/span><\/span>him,\u00a0<\/span><\/span>China’s\u00a0<\/span><\/span>economic\u00a0<\/span>downturn\u00a0<\/span><\/span>increased\u00a0<\/span>demand\u00a0<\/span><\/span>for\u00a0<\/span><\/span>jewellery\u00a0<\/span><\/span>among\u00a0<\/span><\/span>its\u00a0<\/span>top\u00a0<\/span><\/span>consumer\u00a0<\/span><\/span>nation,\u00a0<\/span><\/span>while\u00a0<\/span><\/span>India’s\u00a0<\/span><\/span>consumption\u00a0<\/span>of\u00a0<\/span><\/span>jewellery\u00a0<\/span><\/span>was\u00a0<\/span>hindered\u00a0<\/span><\/span>by\u00a0<\/span><\/span>record\u00a0<\/span>high\u00a0<\/span><\/span>domestic\u00a0<\/span>prices\u00a0<\/span><\/span>and\u00a0<\/span><\/span>an\u00a0<\/span><\/span>uneven\u00a0<\/span><\/span>monsoon.<\/span><\/span><\/span><\/span><\/span><\/span>Rao\u00a0<\/span><\/span>stated\u00a0<\/span>that\u00a0<\/span><\/span>Comex\u00a0<\/span><\/span>gold\u00a0<\/span><\/span>has\u00a0<\/span>encountered\u00a0<\/span><\/span>resistance\u00a0<\/span><\/span>in\u00a0<\/span>the\u00a0<\/span><\/span>USD\u00a0<\/span><\/span>2,080-2,090\u00a0<\/span><\/span>range\u00a0<\/span><\/span>once\u00a0<\/span>more\u00a0<\/span><\/span>in\u00a0<\/span>terms\u00a0<\/span><\/span>of\u00a0<\/span><\/span>price.<\/span><\/span><\/span> <\/span><\/span><\/span>He\u00a0<\/span><\/span>continued,\u00a0<\/span><\/span>“The\u00a0<\/span><\/span>current\u00a0<\/span><\/span>geopolitical\u00a0<\/span><\/span>environment,\u00a0<\/span><\/span>slowing\u00a0<\/span><\/span>global\u00a0<\/span>growth,\u00a0<\/span><\/span>and\u00a0<\/span><\/span>economic\u00a0<\/span>uncertainties\u00a0<\/span><\/span>further\u00a0<\/span>increase\u00a0<\/span><\/span>the\u00a0<\/span>appeal\u00a0<\/span><\/span>of\u00a0<\/span>the\u00a0<\/span><\/span>yellow\u00a0<\/span><\/span>metal,\u00a0<\/span><\/span>even\u00a0<\/span>though\u00a0<\/span><\/span>rates\u00a0<\/span><\/span>might\u00a0<\/span>stay\u00a0<\/span><\/span>higher\u00a0<\/span><\/span>for\u00a0<\/span>some\u00a0<\/span><\/span>time.”<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>chairman\u00a0<\/span><\/span>of\u00a0<\/span>the\u00a0<\/span><\/span>All\u00a0<\/span>India\u00a0<\/span><\/span>Gem\u00a0<\/span><\/span>and\u00a0<\/span><\/span>Jewellery\u00a0<\/span><\/span>Domestic\u00a0<\/span><\/span>Council\u00a0<\/span><\/span>(GJC),\u00a0<\/span><\/span>Saiyam\u00a0<\/span><\/span>Mehra,\u00a0<\/span><\/span>stated\u00a0<\/span>that\u00a0<\/span><\/span>despite\u00a0<\/span><\/span>30-35\u00a0<\/span><\/span>lakh\u00a0<\/span><\/span>weddings,\u00a0<\/span><\/span>sales\u00a0<\/span><\/span>were\u00a0<\/span>affected\u00a0<\/span><\/span>by\u00a0<\/span><\/span>the\u00a0<\/span>volatility\u00a0<\/span><\/span>of\u00a0<\/span><\/span>gold\u00a0<\/span>prices.\u00a0<\/span><\/span>However,\u00a0<\/span><\/span>he\u00a0<\/span><\/span>added\u00a0<\/span><\/span>that\u00a0<\/span>business\u00a0<\/span><\/span>will\u00a0<\/span>remain\u00a0<\/span><\/span>unchanged\u00a0<\/span><\/span>in\u00a0<\/span><\/span>2022.<\/span><\/span><\/span><\/span><\/span><\/span>“The\u00a0<\/span><\/span>weak\u00a0<\/span><\/span>rupee\u00a0<\/span><\/span>will\u00a0<\/span>further\u00a0<\/span>boost\u00a0<\/span><\/span>gold\u00a0<\/span>prices,\u00a0<\/span><\/span>which\u00a0<\/span>are\u00a0<\/span><\/span>likely\u00a0<\/span><\/span>to\u00a0<\/span>reach\u00a0<\/span><\/span>USD\u00a0<\/span><\/span>2,250\u20132,300\u00a0<\/span><\/span>and\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>68,000\u201370,000\u00a0<\/span><\/span>in\u00a0<\/span><\/span>2024\u00a0<\/span><\/span>due\u00a0<\/span><\/span>to\u00a0<\/span>the\u00a0<\/span><\/span>US\u00a0<\/span><\/span>Fed\u00a0<\/span><\/span>reducing\u00a0<\/span><\/span>rates\u00a0<\/span><\/span>and\u00a0<\/span><\/span>ongoing\u00a0<\/span><\/span>geopolitical\u00a0<\/span><\/span>tensions.”<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>business\u00a0<\/span><\/span>is\u00a0<\/span>probably\u00a0<\/span>going\u00a0<\/span>to\u00a0<\/span>stay\u00a0<\/span><\/span>at\u00a0<\/span><\/span>the\u00a0<\/span>same\u00a0<\/span><\/span>level\u00a0<\/span><\/span>as\u00a0<\/span><\/span>2023,\u00a0<\/span><\/span>he\u00a0<\/span><\/span>said,\u00a0<\/span><\/span>and\u00a0<\/span><\/span>the\u00a0<\/span>high\u00a0<\/span>prices\u00a0<\/span><\/span>will\u00a0<\/span>have\u00a0<\/span><\/span>an\u00a0<\/span>even\u00a0<\/span>greater\u00a0<\/span>effect\u00a0<\/span><\/span>on\u00a0<\/span><\/span>sales\u00a0<\/span><\/span>in\u00a0<\/span><\/span>2024.<\/span><\/span><\/span> <\/span><\/span><\/span>Gold\u00a0<\/span>prices\u00a0<\/span><\/span>reached\u00a0<\/span><\/span>record\u00a0<\/span>highs\u00a0<\/span><\/span>globally\u00a0<\/span><\/span>this\u00a0<\/span>year,\u00a0<\/span><\/span>according\u00a0<\/span>to\u00a0<\/span><\/span>Somasundaram\u00a0<\/span><\/span>PR,\u00a0<\/span><\/span>Regional\u00a0<\/span><\/span>CEO\u00a0<\/span><\/span>of\u00a0<\/span><\/span>the\u00a0<\/span>World\u00a0<\/span>Gold\u00a0<\/span>Council,\u00a0<\/span><\/span>as\u00a0<\/span><\/span>a\u00a0<\/span>result\u00a0<\/span><\/span>of\u00a0<\/span><\/span>several\u00a0<\/span>factors\u00a0<\/span><\/span>that\u00a0<\/span><\/span>highlighted\u00a0<\/span><\/span>the\u00a0<\/span>metal’s\u00a0<\/span><\/span>appeal\u00a0<\/span><\/span>as\u00a0<\/span><\/span>a\u00a0<\/span>safe\u00a0<\/span>haven\u00a0<\/span><\/span>and\u00a0<\/span><\/span>inflation\u00a0<\/span><\/span>hedge.<\/span><\/span><\/span> <\/span><\/span><\/span>Compared\u00a0<\/span><\/span>to\u00a0<\/span>last\u00a0<\/span><\/span>year,\u00a0<\/span><\/span>the\u00a0<\/span>price\u00a0<\/span><\/span>of\u00a0<\/span><\/span>gold\u00a0<\/span><\/span>was\u00a0<\/span><\/span>12%\u00a0<\/span>lower\u00a0<\/span><\/span>in\u00a0<\/span><\/span>the\u00a0<\/span>September\u00a0<\/span>quarter.<\/span><\/span><\/span> <\/span><\/span><\/span>But,\u00a0<\/span><\/span>he\u00a0<\/span><\/span>added,\u00a0<\/span><\/span>the\u00a0<\/span>demand\u00a0<\/span><\/span>for\u00a0<\/span><\/span>gold\u00a0<\/span><\/span>in\u00a0<\/span><\/span>2023\u00a0<\/span><\/span>will\u00a0<\/span>be\u00a0<\/span><\/span>700\u2013750\u00a0<\/span><\/span>tonnes,\u00a0<\/span><\/span>slightly\u00a0<\/span><\/span>less\u00a0<\/span>than\u00a0<\/span><\/span>in\u00a0<\/span><\/span>the\u00a0<\/span>previous\u00a0<\/span>year,\u00a0<\/span><\/span>even\u00a0<\/span>though\u00a0<\/span><\/span>gold\u00a0<\/span>investments\u00a0<\/span><\/span>will\u00a0<\/span><\/span>be\u00a0<\/span><\/span>worth\u00a0<\/span><\/span>more.<\/span><\/span><\/span> <\/span><\/span><\/span>He\u00a0<\/span>says\u00a0<\/span><\/span>that\u00a0<\/span>discussions\u00a0<\/span><\/span>about\u00a0<\/span><\/span>gold\u00a0<\/span><\/span>as\u00a0<\/span><\/span>a\u00a0<\/span>portfolio\u00a0<\/span><\/span>diversifier\u00a0<\/span><\/span>in\u00a0<\/span><\/span>these\u00a0<\/span>uncertain\u00a0<\/span>times\u00a0<\/span><\/span>have\u00a0<\/span>been\u00a0<\/span><\/span>reinforced\u00a0<\/span><\/span>and\u00a0<\/span><\/span>enhanced\u00a0<\/span><\/span>by\u00a0<\/span><\/span>the\u00a0<\/span>redemption\u00a0<\/span><\/span>of\u00a0<\/span><\/span>the\u00a0<\/span>first\u00a0<\/span><\/span>tranche\u00a0<\/span><\/span>of\u00a0<\/span><\/span>sovereign\u00a0<\/span>gold\u00a0<\/span>bonds\u00a0<\/span><\/span>in\u00a0<\/span><\/span>November\u00a0<\/span><\/span>at\u00a0<\/span><\/span>a\u00a0<\/span>CAGR\u00a0<\/span>(Compound\u00a0<\/span>Annual\u00a0<\/span>Growth\u00a0<\/span>Rate)\u00a0<\/span><\/span>exceeding\u00a0<\/span><\/span>12\u00a0<\/span>percent.<\/span><\/span><\/span> <\/span><\/span><\/span>“The\u00a0<\/span><\/span>trajectory\u00a0<\/span><\/span>of\u00a0<\/span><\/span>gold\u00a0<\/span>prices\u00a0<\/span><\/span>in\u00a0<\/span><\/span>2024\u00a0<\/span><\/span>will\u00a0<\/span>be\u00a0<\/span><\/span>largely\u00a0<\/span>dependent\u00a0<\/span><\/span>on\u00a0<\/span><\/span>the\u00a0<\/span>dollar\u00a0<\/span>index\u00a0<\/span><\/span>and\u00a0<\/span><\/span>geopolitical\u00a0<\/span><\/span>situation,\u00a0<\/span><\/span>aside\u00a0<\/span><\/span>from\u00a0<\/span><\/span>economic\u00a0<\/span><\/span>developments,”\u00a0<\/span><\/span>he\u00a0<\/span><\/span>stated.<\/span><\/span><\/span> <\/span><\/span><\/span>According\u00a0<\/span>to\u00a0<\/span><\/span>Vipul\u00a0<\/span><\/span>Shah,\u00a0<\/span><\/span>chairman\u00a0<\/span><\/span>of\u00a0<\/span>the\u00a0<\/span><\/span>Gem\u00a0<\/span><\/span>Jewellery\u00a0<\/span><\/span>Export\u00a0<\/span>Promotion\u00a0<\/span><\/span>Council\u00a0<\/span><\/span>(GJEPC),\u00a0<\/span><\/span>2023\u00a0<\/span><\/span>was\u00a0<\/span><\/span>a\u00a0<\/span>difficult\u00a0<\/span>year\u00a0<\/span><\/span>for\u00a0<\/span><\/span>exporters\u00a0<\/span><\/span>primarily\u00a0<\/span><\/span>because\u00a0<\/span>of\u00a0<\/span><\/span>China’s\u00a0<\/span><\/span>continued\u00a0<\/span><\/span>closure\u00a0<\/span><\/span>even\u00a0<\/span>after\u00a0<\/span><\/span>the\u00a0<\/span>Covid\u00a0<\/span><\/a>pandemic<\/a>,\u00a0<\/span><\/span>geopolitical\u00a0<\/span><\/span>concerns,\u00a0<\/span><\/span>and\u00a0<\/span><\/span>a\u00a0<\/span>drop\u00a0<\/span><\/span>in\u00a0<\/span>demand\u00a0<\/span><\/span>in\u00a0<\/span><\/span>the\u00a0<\/span>major\u00a0<\/span>markets\u00a0<\/span><\/span>following\u00a0<\/span><\/span>an\u00a0<\/span>increase\u00a0<\/span><\/span>in\u00a0<\/span><\/span>interest\u00a0<\/span>costs.<\/span><\/span><\/span> <\/span><\/span><\/span>But\u00a0<\/span><\/span>things\u00a0<\/span><\/span>have\u00a0<\/span>started\u00a0<\/span>to\u00a0<\/span>get\u00a0<\/span><\/span>better,\u00a0<\/span><\/span>and\u00a0<\/span>in\u00a0<\/span><\/span>2024\u00a0<\/span><\/span>we\u00a0<\/span><\/span>anticipate\u00a0<\/span><\/span>that\u00a0<\/span>things\u00a0<\/span><\/span>will\u00a0<\/span>get\u00a0<\/span><\/span>better\u00a0<\/span><\/span>because\u00a0<\/span><\/span>interest\u00a0<\/span>rates\u00a0<\/span><\/span>will\u00a0<\/span>likely\u00a0<\/span>decline\u00a0<\/span><\/span>and\u00a0<\/span>we\u00a0<\/span><\/span>hope\u00a0<\/span>that\u00a0<\/span><\/span>geopolitical\u00a0<\/span>conflicts\u00a0<\/span><\/span>will\u00a0<\/span>be\u00a0<\/span><\/span>settled,\u00a0<\/span><\/span>which\u00a0<\/span>will\u00a0<\/span><\/span>stimulate\u00a0<\/span><\/span>the\u00a0<\/span>world\u00a0<\/span><\/span>economy.<\/span><\/span><\/span> <\/span><\/span><\/span>We\u00a0<\/span><\/span>anticipate\u00a0<\/span><\/span>the\u00a0<\/span>China\u00a0<\/span>market\u00a0<\/span><\/span>to\u00a0<\/span>reopen\u00a0<\/span><\/span>as\u00a0<\/span>well\u00a0<\/span><\/span>after\u00a0<\/span><\/span>a\u00a0<\/span>protracted\u00a0<\/span>period\u00a0<\/span><\/span>of\u00a0<\/span><\/span>closure,”\u00a0<\/span><\/span>he\u00a0<\/span><\/span>continued.<\/span><\/span><\/span> <\/span><\/span><\/span><\/p>\n

\"Gold
Gold Likely To Touch Rs 70,000 In 2024, Say Experts<\/figcaption><\/figure>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

MUMBAI, Dec 31: Experts\u00a0predict\u00a0that\u00a0the\u00a0price\u00a0of\u00a0gold,\u00a0which\u00a0will\u00a0continue\u00a0to\u00a0shine\u00a0in\u00a02024,\u00a0will\u00a0reach\u00a0Rs\u00a070,000\u00a0per\u00a010\u00a0grammes\u00a0on\u00a0the\u00a0domestic\u00a0market\u00a0due\u00a0to\u00a0the\u00a0rupee’s\u00a0stability,\u00a0geopolitical\u00a0unpredictability,\u00a0and\u00a0the\u00a0slowing\u00a0growth\u00a0of\u00a0the\u00a0world\u00a0economy. The\u00a0price\u00a0of\u00a0yellow\u00a0metal\u00a0is\u00a0currently\u00a0trading\u00a0at\u00a0about\u00a0USD\u00a02,058\u00a0per\u00a0ounce\u00a0on\u00a0the\u00a0international\u00a0market\u00a0and\u00a0Rs\u00a063,060\u00a0per\u00a010\u00a0grammes\u00a0on\u00a0the\u00a0commodities\u00a0stock\u00a0exchange\u00a0MCX,\u00a0while\u00a0the\u00a0rupee\u00a0is\u00a0trading\u00a0above\u00a083\u00a0against\u00a0the\u00a0US\u00a0dollar. Due\u00a0to\u00a0renewed\u00a0global\u00a0tensions\u00a0in\u00a0the\u00a0Middle\u00a0East,\u00a0prices\u00a0spiked\u00a0in\u00a0early\u00a0December,\u00a0leading\u00a0emerging\u00a0market\u00a0participants\u00a0to\u00a0believe\u00a0that\u00a0the\u00a0cycle\u00a0of\u00a0rate\u00a0hikes\u00a0had\u00a0essentially\u00a0come\u00a0to\u00a0an\u00a0end.Even\u00a0though\u00a0the\u00a0price\u00a0of\u00a0gold\u00a0has\u00a0been\u00a0fluctuating\u00a0this\u00a0year,\u00a0on\u00a0May\u00a04\u00a0it\u00a0hit\u00a0a\u00a0new\u00a0high\u00a0in\u00a0the\u00a0domestic\u00a0market,\u00a0reaching\u00a0Rs\u00a061,845\u00a0per\u00a010\u00a0grammes,\u00a0and\u00a0USD\u00a02,083\u00a0an\u00a0ounce\u00a0in\u00a0the\u00a0international\u00a0markets. Later,\u00a0on\u00a0November\u00a016,\u00a0Commtrendz\u00a0Research\u00a0Director\u00a0Gnanasekar\u00a0Thiagarajan\u00a0revealed\u00a0that\u00a0the\u00a0yellow\u00a0metal\u00a0reached\u00a0a\u00a0record\u00a0high\u00a0of\u00a0Rs\u00a061,914\u00a0per\u00a010\u00a0grammes. 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Higher\u00a0domestic\u00a0prices\u00a0in\u00a0China\u00a0and\u00a0India\u00a0may\u00a0provide\u00a0challenges\u00a0for\u00a0retail\u00a0jewellery\u00a0buyers,\u00a0but\u00a0if\u00a0the\u00a0current\u00a0momentum\u00a0continues,\u00a0central\u00a0banks’\u00a0demand\u00a0may\u00a0surpass\u00a0last\u00a0year’s\u00a0record.\u00a0This\u00a0was\u00a0stated\u00a0by\u00a0Ravindra\u00a0Rao,\u00a0vice\u00a0president\u00a0and\u00a0head\u00a0of\u00a0commodities\u00a0research\u00a0at\u00a0Kotak\u00a0Securities.Rao\u00a0pointed\u00a0out\u00a0that\u00a0throughout\u00a0the\u00a0year,\u00a0as\u00a0the\u00a0US\u00a0Federal\u00a0Reserve\u00a0increased\u00a0interest\u00a0rates\u00a0to\u00a0a\u00a022-year\u00a0high,\u00a0strong\u00a0central\u00a0bank\u00a0buying\u00a0combined\u00a0with\u00a0strong\u00a0bar\u00a0and\u00a0coin\u00a0demand\u00a0supported\u00a0gold\u00a0prices\u00a0amid\u00a0rising\u00a0bond\u00a0yields\u00a0and\u00a0a\u00a0strong\u00a0US\u00a0dollar. 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He\u00a0continued,\u00a0“The\u00a0current\u00a0geopolitical\u00a0environment,\u00a0slowing\u00a0global\u00a0growth,\u00a0and\u00a0economic\u00a0uncertainties\u00a0further\u00a0increase\u00a0the\u00a0appeal\u00a0of\u00a0the\u00a0yellow\u00a0metal,\u00a0even\u00a0though\u00a0rates\u00a0might\u00a0stay\u00a0higher\u00a0for\u00a0some\u00a0time.” The\u00a0chairman\u00a0of\u00a0the\u00a0All\u00a0India\u00a0Gem\u00a0and\u00a0Jewellery\u00a0Domestic\u00a0Council\u00a0(GJC),\u00a0Saiyam\u00a0Mehra,\u00a0stated\u00a0that\u00a0despite\u00a030-35\u00a0lakh\u00a0weddings,\u00a0sales\u00a0were\u00a0affected\u00a0by\u00a0the\u00a0volatility\u00a0of\u00a0gold\u00a0prices.\u00a0However,\u00a0he\u00a0added\u00a0that\u00a0business\u00a0will\u00a0remain\u00a0unchanged\u00a0in\u00a02022.“The\u00a0weak\u00a0rupee\u00a0will\u00a0further\u00a0boost\u00a0gold\u00a0prices,\u00a0which\u00a0are\u00a0likely\u00a0to\u00a0reach\u00a0USD\u00a02,250\u20132,300\u00a0and\u00a0Rs\u00a068,000\u201370,000\u00a0in\u00a02024\u00a0due\u00a0to\u00a0the\u00a0US\u00a0Fed\u00a0reducing\u00a0rates\u00a0and\u00a0ongoing\u00a0geopolitical\u00a0tensions.” The\u00a0business\u00a0is\u00a0probably\u00a0going\u00a0to\u00a0stay\u00a0at\u00a0the\u00a0same\u00a0level\u00a0as\u00a02023,\u00a0he\u00a0said,\u00a0and\u00a0the\u00a0high\u00a0prices\u00a0will\u00a0have\u00a0an\u00a0even\u00a0greater\u00a0effect\u00a0on\u00a0sales\u00a0in\u00a02024. 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He\u00a0says\u00a0that\u00a0discussions\u00a0about\u00a0gold\u00a0as\u00a0a\u00a0portfolio\u00a0diversifier\u00a0in\u00a0these\u00a0uncertain\u00a0times\u00a0have\u00a0been\u00a0reinforced\u00a0and\u00a0enhanced\u00a0by\u00a0the\u00a0redemption\u00a0of\u00a0the\u00a0first\u00a0tranche\u00a0of\u00a0sovereign\u00a0gold\u00a0bonds\u00a0in\u00a0November\u00a0at\u00a0a\u00a0CAGR\u00a0(Compound\u00a0Annual\u00a0Growth\u00a0Rate)\u00a0exceeding\u00a012\u00a0percent. “The\u00a0trajectory\u00a0of\u00a0gold\u00a0prices\u00a0in\u00a02024\u00a0will\u00a0be\u00a0largely\u00a0dependent\u00a0on\u00a0the\u00a0dollar\u00a0index\u00a0and\u00a0geopolitical\u00a0situation,\u00a0aside\u00a0from\u00a0economic\u00a0developments,”\u00a0he\u00a0stated. According\u00a0to\u00a0Vipul\u00a0Shah,\u00a0chairman\u00a0of\u00a0the\u00a0Gem\u00a0Jewellery\u00a0Export\u00a0Promotion\u00a0Council\u00a0(GJEPC),\u00a02023\u00a0was\u00a0a\u00a0difficult\u00a0year\u00a0for\u00a0exporters\u00a0primarily\u00a0because\u00a0of\u00a0China’s\u00a0continued\u00a0closure\u00a0even\u00a0after\u00a0the\u00a0Covid\u00a0pandemic,\u00a0geopolitical\u00a0concerns,\u00a0and\u00a0a\u00a0drop\u00a0in\u00a0demand\u00a0in\u00a0the\u00a0major\u00a0markets\u00a0following\u00a0an\u00a0increase\u00a0in\u00a0interest\u00a0costs. But\u00a0things\u00a0have\u00a0started\u00a0to\u00a0get\u00a0better,\u00a0and\u00a0in\u00a02024\u00a0we\u00a0anticipate\u00a0that\u00a0things\u00a0will\u00a0get\u00a0better\u00a0because\u00a0interest\u00a0rates\u00a0will\u00a0likely\u00a0decline\u00a0and\u00a0we\u00a0hope\u00a0that\u00a0geopolitical\u00a0conflicts\u00a0will\u00a0be\u00a0settled,\u00a0which\u00a0will\u00a0stimulate\u00a0the\u00a0world\u00a0economy. We\u00a0anticipate\u00a0the\u00a0China\u00a0market\u00a0to\u00a0reopen\u00a0as\u00a0well\u00a0after\u00a0a\u00a0protracted\u00a0period\u00a0of\u00a0closure,”\u00a0he\u00a0continued.    <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6,67,89],"tags":[],"class_list":["post-8091","post","type-post","status-publish","format-standard","hentry","category-business","category-header","category-national"],"gutentor_comment":0,"yoast_head":"\nGold Likely To Touch Rs 70,000 In 2024, Say Experts<\/title>\n<meta name=\"description\" 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