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Gold Likely To Touch Rs 70,000 In 2024: Experts

YB WEB DESK. Dated: 1/1/2024 6:24:59 AM

MUMBAI, DEC 31 Continuing to glitter in 2024 as well, gold price is likely to touch Rs 70,000 per 10 grams in the domestic market on the back of a stable rupee, geopolitical uncertainties and slowing global economic growth, according to experts. Currently, the yellow metal price is hovering at Rs 63,060 per 10 grams on the commodity stock exchange MCX and around USD 2,058 an ounce in the international market at a time when the rupee is trading above 83 against the US dollar. In early December, prices skyrocketed again on global tensions in the Middle East, and emerging market participants anticipated that the rate hike cycle has more or less ended. While the gold price remained volatile this year, it reached a new high of Rs 61,845 per 10 grams on May 4 in the domestic market and USD 2,083 an ounce in the global markets. Later, the yellow metal touched a record high of Rs 61,914 per 10 grams on November 16, Commtrendz Research Director Gnanasekar Thiagarajan .