Gold Price Forecast : If there is gold in the house, a person can sleep peacefully. You must have heard this saying from the elders. But those who go to buy jewellery for weddings have lost their peace. The prices are not stopping at all. The budget for jewellery in weddings has to be increased day by day. At present, the spot price of 24 carat gold is Rs 72,550 per 10 grams. That is, Rs 84,535 per tola. There are 11.6638 grams in one tola. The way prices are rising, the day is not far when you will have to spend Rs 1 lakh for 1 tola of gold. Let us know what are the reasons due to which the prices of gold can rocket in the coming time.
The returns are strong
Talking about the previous returns, from October 2023 till now i.e. in just 8 months, gold has given 35 percent return. From mid-February till now, it has given about 22 percent return. Most commodity experts believe that in the coming time, there will be a huge rise in gold. Some people are also saying that the price of 24 carat gold will reach Rs 1 lakh per tola by Dhanteras.
Why can there be a big rise in gold
The world’s leading commodity research firm GSC Commodity Intelligence has conducted a survey of 250 financial institutions. This survey revealed that the debt in the world has increased a lot. After the Corona epidemic, to increase demand in the economy, countries printed a lot of notes, gave money to people at very low rates. This increased the debt a lot. At present, the countries of the world have a debt of about 310 trillion dollars. Now when the debt increases, the risk regarding the economy starts increasing. It becomes difficult to manage the currency. Inflation starts increasing. In such a situation, Central Banks need a safe haven asset to give stability to the economy and that is gold, so the central banks of the world are buying gold in large quantities.
De-dollarization
Another reason for central banks to buy gold in large quantities is de-dollarization. Due to the slowdown in the US economy and the huge increase in debt there, there was a fear of the dollar’s importance falling. In such a situation, gold was considered the best option to hedge the dollar and central banks bought gold in large quantities.
Retailers are also buying gold fiercely
Not only the Central Bank, retailers and institutions are also buying gold in large numbers. There is also a huge demand for paper gold. Costco is a leading gold bar company in America. The company said that since September till now, gold bars are sold out in no time. As soon as gold bars arrive in the store, all are bought by customers. The company is selling gold bars worth $200 million every month and there is a possibility of another 50 percent increase in this. In India too, people are buying a lot of jewellery.
The price can go up to $2700
On one hand, the demand for gold is increasing due to geopolitical tensions, dollar hedge, rising inflation and central bank purchases, on the other hand, miners have low gold inventory. In such a situation, prices are rising. Brokerage firm Goldman Sachs estimates that the global price of gold may reach $2700 per ounce by December 24. Some brokerage firms are also estimating $3000. A breakout has also been seen in gold on the technical chart. In such a situation, you may soon see the price of gold reaching one lakh rupees per tola.
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