2024-01-02 20:19:00
Gold Prices Likely to Reach New High of Rs 70,000 Due to Global Economic Uncertainty
MUMBAI: The All India Gems and Jewelry Domestic Council has predicted that the price of 10 grams of 24 carat gold is expected to reach a new high of Rs 70,000 this year due to the uncertain global economic environment and tense geopolitical situation.
The council pointed out that in the current financial markets, which have been affected by rising commodity prices and high interest rates, gold has emerged as a safe-haven investment. It is also considered as a sound investment to protect against inflation.
Last year, gold outperformed all other investment strategies, with a return of 13 percent, due to higher inflation and unchanged US interest rates. The precious metal has been the most attractive investment opportunity over the past year.
The price of 10 grams of gold reached an all-time high of Rs 64,460 last year. It is expected to surge even higher as gold continues to be seen as an attractive investment abroad.
With the uncertain global economic and geopolitical environment, it is no surprise that the demand for gold as a safe-haven investment is on the rise. As a result, the price of gold is expected to surge to new heights, reaching Rs 70,000 for 10 grams of 24 carat gold.
Investors and consumers are advised to keep a close watch on the gold market as it continues to show potential for further growth amidst the current uncertain global economic climate.
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