Gold Price Outlook: Due to expectations of US Fed interest rate cut three times in the year 2024, a significant rise is being seen in gold prices (Gold Price Today). On the last trading day of financial year 2024, gold for delivery in April 2024 closed at Rs 67,800 per 10 grams on the MCX exchange. In this way, in the last 6 months, there has been an increase of Rs 11,000 per 10 grams in the prices of gold. At the same time, globally, gold closed at $ 2,254 an ounce on the last trading day of the current financial year 2024.
Gold can go up to Rs 75,000
According to commodity market experts, this rise in gold prices will continue in the financial year 2025 also. Because the US Fed is expected to make 3 interest rate cuts in 2024. In this way, 3 rate cuts may be seen in the first 9 months of the new financial year. According to experts, gold prices are expected to increase due to geopolitical tensions, decline in inflation in America and US dollar rates etc. Due to this, gold futures on MCX can go up to Rs 75,000 per 10 grams in the new financial year.
112% return in 5 years
If we look at the returns from gold in the financial year 2024, it has been fine. Ajay Kedia, MD of Kedia Advisory, said that gold has given 13.53 percent return in 1 year. It has given 31.14 percent return in 2 years. Has given 49.01 percent return in 3 years. It has given 56.51 percent return in four years and 112.54 percent return in 5 years. Whereas, if we talk about silver, it has given 3.92 percent return in 1 year. Has given 12.46 percent return in 2 years. Has given 15.30 percent return in three years. It has given 88.22 percent returns in four years and 99.53 percent returns in 5 years.
Price increased by Rs 1334 per 10 grams this week
On MCX exchange, gold for delivery on June 5, 2024 closed at Rs 66,367 per 10 grams on Friday, March 22. This gold closed at Rs 67,701 per 10 grams on Thursday, March 28. In this way, this week the future price of gold has fallen by Rs 1334 per 10 grams.
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