Gold prices in India rose by 21% in 2024, owing to central bank policies, geopolitical threats, and strong worldwide demand. As of January 1, 2025, gold prices were Rs 78,000 per 10 kilos for 24K, with forecasts indicating an increase to Rs 85,000-90,000 by 2025. While gold outperformed other commodities in 2024, analysts recommend that investors use a “buy-on-dips” approach, since prices may consolidate before continuing to rise. Geopolitical concerns and central bank measures will continue to drive demand for gold and silver.
Silver prices are predicted to rise to Rs 1.1-1.25 lakh per kg by 2024, owing to strong industrial and investment demand. Experts such as Manav Modi of Motilal Oswal Financial Services remain optimistic about both metals in the medium to long term, expecting possible price increases despite market swings. However, while Rs 1 lakh for gold is considered optimistic, extreme economic conditions may push it closer to that figure.