Gold prices have been on an upward trajectory during 2023 and this momentum is expected to continue in 2024. Internationally, the volatility of the yellow metal prices will continue and will be triggered by various factors including the on-going geo-political scenario, strengthening of USD against INR and a pessimistic approach towards the growth of global economy.
Domestically, the demand for the yellow metal is expected to outgrow and is expected to touch the 70k mark on a domestic level, said recently Colin Shah, MD, Kama Jewelry presented his Perspective on Gold 2024. This rally will be driven by robust demand in the domestic market owing to the rising income levels and the inclination towards yellow metal.
On the global level, we expect the prices to hover in the range of USD 1850-2050. Irrespective of the price movement, the consumer demand will continue to grow during the year backed by strengthened purchasing power, and the change in perspective towards gold as lifestyle statement, thus driving sales across along all ticket-sizes.