Diwali 2023: Where do experts see gold prices in Samvat 2080?
₹11,000 per 10 grams to around ₹61,000. Experts believe the fundamentals for the commodity are positive going forward and gold prices may see a further rally of around 8% in the new Samvat year. “Gold prices have already seen a sharp rally recently on the back of global geo-polictical concerns.
The yellow metal seems to be due for a slight correction from here but the downside will be limited. Any dips below ₹61,000 level can be used as a buying opportunity as we expect the gold prices to rally in the long term," said Amit Sajeja, Vice President - Research- Commodities & Currencies - Motilal Oswal Group. Also Read: Samvat 2080: Date, timing and significance; all you need to know Sajeja expects gold prices to range around ₹65,000-67,000 till Diwali next year on the back of strong fundamentals including geopolitical instability in the Middle East and expectation of no further interest rate hike by the US Federal Reserve.
“Gold prices are expected to rally around 8-10% further, reaching around ₹65,000 per 10 grams level next Diwali. The yellow metal may also test ₹67,000 levels, but on an average, the gold price is estimated to be around ₹65,000 level next Diwali," Sajeja said. He believes the ongoing geo-political worries will continue supporting gold prices.
We are also likely to see the end of the interest rate hike cycle in the US, a big positive for gold, which the markets have already discounted, he added. Additionally, Sajeja pointed out increasing gold buying by global central banks, that will further aid the precious metal prices. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Gold buying by central banks around
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