Gold price jumps ₹11,000 per 10 gm in six months. Experts predict ₹75,000 level in FY25

livemint.com:

Gold rate today: On account of three US Fed rate cut buzz in 2024, gold price finished on an exceptionally positive note in the last session of FY24. Ahead of the end of FY24, the gold futures contract on the Multi Commodity Exchange (MCX) for April 2024 expiry ended at ₹67,800 per 10 gm level after climbing to a new lifetime peak of ₹67,850 per 10 gm.

While finishing at the ₹67,800 level, MCX gold rate registered around ₹11,000 per 10 gm rise in the last two-quarters of the current fiscal. Spot gold price finished at the $2,254 per ounce mark on the last trade session of FY24.

According to commodity market experts, the gold price rally may continue in FY25 as the US Fed is expected to declare three interest rate cuts in 2024. So, there would be three US Fed rate cuts in the first nine months or say first three quarters of FY 2024-25.

They said that geopolitical tension, ease in the US inflation, and US dollar rates are expected to fuel MCX gold rate up to ₹75,000 per 10 gm level in the next financial year. Speaking on the gold price rally in FY24, Sugandha Sachdeva, Founder of SS WealthStreet said, "Gold price has experienced a remarkable surge, ascending by over ₹11,000 per 10 gm in the last two quarters of the current fiscal year, capturing considerable attention.

While silver has made attempts to ascend, the white metal has encountered resistance around the ₹78,000 to ₹78,500 per kg threshold amid supply pressure. However, a convergence of pivotal factors suggests that this bullish trend is poised to persist for both gold and silver in the next fiscal year, with gold shining even brighter on the canvas." Speaking on the factors that may dominate gold prices in the next financial year, Anuj Gupta, Head of Commodity &