Gold has existed from the beginning of civilization and was previously used as a currency.
When buying or selling gold, it is crucial to know its price to get the best deal and find the best place to sell gold. The conflict between Russia and Ukraine, inflation, rising Fed interest rates, rising crude oil costs, a weakening currency, and other factors have all contributed to recent fluctuations in the price of gold.
August saw an approximate 2% decline in gold as pressure from rising rates and a stronger currency persisted. Here you will learn about gold prices in 2024 and beyond.
What is the current gold scenario in the market?
Due to its excellent qualities, gold is a mineral that draws people’s attention for various reasons, including the demand for jewellery.
Despite its volatility, gold prices per gram in India have steadily advanced in the last few years. In 1964, the price of 24 karats per 10 grams of gold was Rs. 63.25, and in March 2024, the price surged to Rs. 52,800.
What are the aspects influencing gold’s price in 2024?
Given the shifting macroeconomic environment, gold price per gram in India has been extremely volatile. Recently due to surging inflation, central bank interest rate increases, tighter liquidity, and geopolitical concerns surrounding China-Taiwan and Russia-Ukraine.
Gold prices rocketed to Rs. 52,800 following the commencement of the Russia-Ukraine war, and they quickly began to decline as central banks, particularly the US Federal Reserve, started combating multi-decade-high inflation with a series of strong rate rises and a withdrawal of liquidity.
Although macroeconomic and geopolitical issues impact the gold price per gram in India, supply and demand are the major factors.
Predictions for gold prices through 2024 and beyond
The global gold market had a great start to 2024, highlighting gold’s role as a safe-haven metal amid periods of geopolitical and economic concern.
However, a dramatic policy reversal by the Federal Reserve to combat inflation has contributed to the decline in gold prices.
The real rate of interest is one of gold’s strongest connections. Owning gold is less desirable during times of high real rates.
To fight inflation, the Fed is set to keep hiking interest rates. The gold price per gram in India will consequently see some downward pressure. However, getting real interest rates out of the negative territory will require considerably higher deposit rates.
If central banks continue to raise rates quickly, gold might face further pressure, but the fear of stagflation or an actual recession may outweigh this as gold has generally done better in these conditions.
There is a significant likelihood that prices will increase from where they are now by the end of the year and in the future, as gold is a valuable commodity.
Thus, when selling gold, it is crucial to consider the factors affecting gold’s price and the best place to sell gold near me.
Conclusion
It is critical to remember that considerable market volatility makes it challenging to get precise long-term estimations when considering gold price forecasts for 2024.
Thus, when selling gold, carefully evaluate the current price of the gold and the best place to sell gold.
Due to the use of cutting-edge technology to verify the gold’s purity, weight, and rate, selling gold to India’s leading gold buyer, Muthoot Gold Point, is hassle-free. The transparent evaluation approach also assures obtaining the best price and offers and guarantees a 100% efficiency rate.
