Akshaya Tritiya: 15% surge already in 2024! How soon can gold cross Rs 1 lakh mark?

financialexpress.com:

Akshaya Tritiya is considered as an auspicious day symbolizing prosperity and good luck. It is said that an investment made on this day gives favorable returns, thus making it popular for buying gold and other precious assets.

“The year 2023 proved to be a fruitful journey for precious metals, notably gold, which saw gains of approximately 15% in the domestic bourses. The market dynamics witnessed a blend of geopolitical tensions, central bank maneuvers, fluctuations in the dollar index, and shifts in US yields. In continuation to the trend, MCX gold surged by 12.50%, slightly outpacing spot Comex gold, which stood at 12.20% in calendar year so far,” according to Religare Broking.

The preceding years have witnessed a succession of unexpected occurrences stemming from the pandemic, as well as flashpoints such as the Russia-Ukraine conflict and the Israel-Hamas tensions, alongside debt crises. These events have perpetuated a prevailing sense of risk within the market. A noteworthy trend has emerged as central banks worldwide have notably increased their gold purchases, acquiring 1,037 tonnes in 2023. This figure falls just shy of the record set in 2022, which stood at 1,082 tonnes.

Also Read: Akshaya Tritiya 2024: Gold jewellery or digital gold – which is the best choice?

The future of gold remains dynamic, shaped by various global factors such as central bank policies, geopolitical scenario, and economic indicators. While the gains seen in the current year are commendable, the historical trend of higher returns during turbulent periods highlights gold’s potential to flourish amidst heightened uncertainty.

Religare Broking highlights the reasons that position gold as an appealing investment option for the year ahead.

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