New Delhi, NFAPost: For the first time in history, gold prices crossed Rs 50,000 in India amid strong trends in the international market.
In Delhi, gold price climbed to Rs 67,350 per 10 grams on Thursday. On an average, across India gold prices ended at Rs 67,800 per 10 gm level after climbing to a new lifetime peak of Rs 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 Arvian Research, gold prices will fluctuate further as three US Fed rate cut buzz in 2024 has fuelled global investment in gold.
“The gold price rally may continue in FY25 as 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,” states Arvian Research.
Commenting on the trend, Gold price may touch $2,350 per ounce in the international market by the end of September 2024 if the US Fed decides to lower interest rate in its upcoming FOMC meeting.
If we take these factors, analysts think that gold price will go towards new record highs in FY25, with projected levels ranging between Rs 72,000 to Rs 75,000 per 10 gm, while key support rests at Rs 61,200 per 10 gm and then Rs 59,500 per 10 gm mark. Internationally, gold price is expected to trend towards the $2,370 to $2,450 per ounce range.
