FY24 Review: Gold price continues to glitter amid geopolitical concerns; outlook bullish for FY25
₹59,400 per 10 grams at the beginning of the year to around ₹67,000 per 10 grams at the end. The fiscal year saw a slew of global conflicts including the Israel - Hamas war and the ongoing Russia - Ukraine war. Also Read: What's next for gold? Look to China for clues FY24 also witnessed global central banks shoring up their gold reserves with physical demand also remaining elevated.
The global gold demand rose to an all-time high of 4,899 tonnes in the calendar year 2023 supported by over-the-counter purchases and robust buying by central banks. Meanwhile, according to the World Gold Council (WGC), gold demand in India is expected to jump to 800-900 tonnes in the calendar year 2024 on the back of robust economic growth and higher income. This has lifted the prospects for gold prices in FY 2024-2025.
Read here: Gold demand in India may hit 900 tonnes this year “The yellow metal has advanced for yet another financial year amid an upbeat undertone. The key behind the rally is the rise of the geopolitical risk, be it Hamas & Israel or Russia - Ukraine. The central banks have consistently bought gold.
The dollar index has been sluggish in the last year," noted Jigar Trivedi, Senior Research Analyst - Currencies & Commodities, Reliance Securities. Trivedi expects the same bullish undertone in the gold prices to continue in the coming financial year too. In FY25, the global landscape is poised to witness a series of significant political events, marked by elections in several major economies.
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