Gold likely to touch Rs 70K mark in 2024

Mumbai: Continuing to glitter in 2024 as well, gold price is likely to touch Rs 70,000 per 10 grams in the domestic market on the back of a stable rupee, geopolitical uncertainties and slowing global economic growth, according to experts. Currently, the yellow metal price is hovering at Rs 63,060 per 10 grams on the commodity stock exchange MCX and around $2,058 an ounce in the international market at a time when the rupee is trading above 83 against the US dollar.

In early December, prices skyrocketed again on global tensions in the Middle East, and emerging market participants anticipated that the rate hike cycle has more or less ended. While the gold price remained volatile this year, it reached a new high of Rs 61,845 per 10 grams on May 4 in the domestic market and $2,083 an ounce in the global markets. Later, the yellow metal touched a record high of Rs 61,914 per 10 grams on November 16, Commtrendz Research Director Gnanasekar Thiagarajan said. In a reflection of its safe-haven appeal, he said, gold touched an all-time high of Rs 64,063 per 10 grams and $2,140 an ounce on December 4. "We expect an eventual rise to $2,400 in 2024, and if the rupee is to be stable, gold is likely to reach around Rs 70,000 levels.