Gold Prices Expected to Reach ₹67,000 in 2024 Due to Increased Demand
Unlocking the Potential of Gold Investments
In the realm of investments, gold stands out as a crucial asset class, historically revered for its role as a hedge against inflation. As we approach 2024, SahiBandhu Gold Loans predicts a further surge in gold prices propelled by heightened demand. However, experts caution that while the coming year holds promise for the Indian gold market, factors such as rising interest rates and evolving regulations may impact the attractiveness of gold loans.
Insights into the Gold Market
Gold Outlook for 2024
Mehak Srivastava, Head of Marketing at SahiBandhu Gold Loans, shared insights on the Gold Outlook for 2024. She highlighted the yellow metal’s commendable performance, boasting a gain of over 12% in the current year. Forecasts from industry experts and analysts anticipate a continued rise in gold prices, creating a favorable environment for gold loans. SahiBandhu Gold Loans, as the largest gold loan aggregator platform, envisions a substantial surge in demand for loans against gold in response to the projected increase in per-gram gold rates throughout 2024.
Veer Mishra, Founder of Plus, echoed optimism for the gold market. Anticipating potential all-time highs, he identified rupee depreciation and festive season demand as key drivers. While projecting a price range of ₹57,000 to ₹67,000 per 10 grams on MCX, Mishra emphasized the need for caution due to potential volatility influenced by global and local factors.
Navigating Potential Challenges
Impact of Rising Interest Rates
Despite the positive outlook, experts advise caution, particularly regarding the impact of rising interest rates on the appeal of gold loans. While 2024 holds promise for India’s gold story, the potential dampening effect of increasing interest rates underscores the importance of staying informed and adapting investment strategies accordingly.
Strategies for Gold Investments
Diversification and Volatility Reduction
Financial experts recommend allocating approximately 10% to 15% of the overall portfolio to gold. Gold investments offer diversification and help mitigate portfolio volatility. Various avenues for investing in gold, including physical gold, digital gold, gold ETFs, gold saving funds, and Sovereign Gold Bonds (SGBs), provide investors with a range of options to align with their preferences and risk tolerance.
As we step into 2024, the glittering prices and a thriving gold loan market forecasted by experts make gold a compelling asset class to watch. However, prudent investment decisions and an understanding of market dynamics will be essential for navigating the golden landscape in the coming year.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Brokerage will not exceed the SEBI prescribed limit
