Gold price may touch ₹67,000 in 2024 on the rise in demand. Should you buy?
Gold Outlook for 2024, said, “The yellow metal did well and has gained over 12% in the current year. Experts and analysts in the sector anticipate a further rise in gold prices amid high demand for the precious metals. SahiBandhu Gold Loan, the largest gold loan aggregator platform, foresees a significant increase in the demand for loans against gold due to the continued per-gram gold rate rise in 2024." Expect higher prices and a buoyant loan market in 2024, said Veer Mishra, Founder of Plus.
“Gold prices poised for upward climb with potential all-time highs. Rupee depreciation and festive season demand are key drivers. Expect a range of ₹57,000 - ₹67,000 per 10 grams on MCX, but watch out for volatility due to global and local factors," said Veer Mishra.
However, keep in mind that rising interest rates might dampen the appeal of gold loans, Overall, 2024 bodes well for India's gold story. Expect glittering prices and a thriving loan market, he added. Gold offers you diversification as well as helps you reduce volatility in your portfolio.
Personal finance experts believe that an individual should have around 10% to 15% of the overall portfolio investments in gold. There are various methods for investing in gold- physical gold, digital gold, gold ETFs, gold saving funds, and Sovereign Gold Bonds (SGBs). Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before taking any investment decisions. Milestone Alert!
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