Gold prices have soared in 2024, reaching record highs driven by surging demand for the safe-haven asset. Investors are flocking to gold amidst concerns over U.S. fiscal policies, potential inflation, and the evolving geopolitical landscape, where gold is seen as a hedge against Western sanctions. This trend is evident in the record inflows into gold ETFs and the continued appetite for gold from central banks.
As Dhanteras 2024 approaches, gold and silver prices continue to fluctuate. This article provides the latest gold and silver rates in major Indian cities, including Delhi, Mumbai, Kolkata, and Chennai. Find out the current prices for 24 and 22-carat gold and explore expert insights on potential market trends.
Gold prices have hit record highs, driven by rising inflation expectations, the Federal Reserve’s policy shifts, and concerns over US fiscal sustainability. Bank of America forecasts gold to reach $3,000 per ounce by the first half of 2025, highlighting its appeal as a safe haven asset amid global economic uncertainties.
Wednesday’s Indian market saw a mixed bag of news: gold surged to a new record high, the Sensex and Nifty declined for the second day in a row, and several companies reported record-breaking Q2 earnings. Meanwhile, a 17-year-old was apprehended for bomb threats on multiple flights, and the Israel-Hezbollah conflict continues to escalate.
India’s jewellery market is facing a slowdown in growth due to rising gold prices. Rating agency Icra predicts that value growth will moderate to 6-8% in FY25, down from 18% in the previous year. Consumers are postponing big-ticket purchases due to the price increase, leading to a decline in volume growth. Despite the subdued demand, large organized retailers are expected to continue expanding their store networks.
Gold prices soared today, gaining $28.44 or 1.23% to reach $2343.68, setting a new intraday high of $2344.89. This upward momentum has pushed the price above its 100-hour moving average of $2335.13. Sustaining above this average could indicate further bullish sentiment, with the 200-hour moving average at $2356.62 emerging as the next critical target. Gold’s record high was set on April 12 at $2431.78. Despite easing tensions between Iran and Israel, the recent intensification of Israeli strikes on Rafah has redirected attention to the conflict in Gaza and Hamas, highlighting gold’s role as a safe haven asset.
