Due to the steady rise in gold prices for the last few days, it is being estimated that gold prices will soon touch the level of one lakh rupees. The signs of this have been clearly seen in the country’s futures market and Delhi bullion market. Gold prices crossed Rs 91,400 in the country’s futures market. On the other hand, gold prices in the country’s capital Delhi have crossed the level of 94 thousand. Gold prices are at record level at both places.
On the other hand, such an estimate has also come out, which has created a ruckus in the gold market. According to an estimate, in the coming days, the prices of gold can fall to 55 thousand rupees. This means that gold prices are estimated to be 40 percent below their peak. Let us also tell you who has made this prediction and what kind of arguments have been made to make it meaningful.
Gold will come at 55 thousand rupees!
In the current year, the prices of gold have seen a rise of up to 20 percent. Then whether it is a spot market or a futures market. Gold has left no stone unturned in earning investors. Now the pressure on the consumer is clearly seen. However, an American analyst has predicted a sharp decline. The US -based Morningstar’s analyst has estimated a decline of 38 per cent in the next few years.
The price of 24 carat gold is close to Rs 90,000 per 10 grams in Indian markets and more than $ 3,100 is being seen in the global market. A possible decline of about 40 percent can bring it to about 55,000 rupees per 10 grams in India. John Mills, a US -based Morningstar -based Morningstar -based Morningstar, hopes that gold prices will fall from the current $ 3,080 an ounce to $ 1,820 an ounce, which is a major fall.
Major causes of potential decline
Due to economic uncertainty, inflation concerns and geo political tension, there has been a tremendous rise in gold prices. Investors have turned to Safe Havan Assets, especially in the trade controversies started during the tenure of US President Donald Trump, there has been a greater increase in gold prices. However, now many factor can move prices down…
Increased supply: Gold production has increased, the Mainig Profit has reached $ 950 an ounce in the second quarter of 2024. The global reserve has increased by 9 per cent to 2,16,265 tonnes, Australia has increased production and has also seen an increase in recycle gold supply.
Lower demand: The central bank, who bought 1,045 tonnes of gold last year, can reduce demand. A survey by the World Gold Council found that 71 percent of the central banks are planning to reduce or maintain their gold holding.
Market Sachuration: In 2024, the merger and acquisition in the gold sector increased by 32 per cent, which is a sign of the market being at the peak. Additionally, the bounce in the gold ETF reflects the pattern seen before the previous price correction.
Bofa, Goldman Sachs expects a boom in prices
Despite the forecast of the mills, some of the world’s major financial institutions remain optimists. Bank of America estimates that gold may reach $ 3,500 an ounce over the next two years, while Goldman Sachs expects the price to be $ 3,300 an ounce at the end of the year. The coming months will decide whether the gold maintains its speed or faces an estimated decline.
Gold reached new level
If we talk about gold prices, then on Thursday, gold prices appeared in the futures market of the country doing trading at the new level. If we look at the data, the price of gold is trading at Rs 90,470 at Rs 90,470 at 3:35 pm on MCX. Whereas during the business session, gold prices also reached a new level of Rs 91,423. This means that the prices of gold have come down by about Rs 1,000 from their peak. By the way, gold was opened at Rs 91,230 this morning. Gold prices closed at Rs 90,728 a day earlier.