Goldman Sachs has released a new estimate suggesting that the price of gold may reach ₹1.30 lakh per 10 grams in India, driven by ongoing economic concerns. Currently, gold is trading at a record high of ₹93,353 per 10 grams.
The forecast is influenced by rising fears of a recession due to America's tariff policies and escalating trade tensions between the US and China. In such scenarios, investors tend to choose gold as a safe investment.
Goldman Sachs predicts that if these risks intensify, gold could reach as high as $4,500 per ounce (ounce=about 28.3 gm) in the international market this year. If calculated according to the international rate, the price of 10 grams of gold in India can go up to Rs 1.30 lakh.
However, this will happen only when the risk of trade war and recession increases a lot. Even if the risk of trade war and recession does not reach extreme levels, gold can still reach $ 3,700 an ounce in global markets.
Price of gold has risen by over 22% this year
Gold is currently at its record high. According to the India Bullion and Jewelers Association (IBJA), 10 grams of 24 carat gold has reached ₹93,353. This year, i.e. from January 1 till now, the price of 10 grams of 24 carat gold has increased from Rs 76,162 to Rs 17,191 i.e. 22.57% and is being sold at Rs 93,353 per 10 grams.
Threat of trade war
The threat of trade war has increased due to America's tariff policy. This may slow down the pace of growth of the economy. People are increasing their investment in gold. Gold is considered a safe investment during recession.
Weakening of rupee
The weakening of the rupee against the dollar has led to a rise in gold prices. This is because when the rupee is weak, it costs more to import it. This year the rupee has fallen by about 4%, which has increased the pressure on gold prices.
Demand rises during wedding season
The wedding season is approaching, so the demand for gold jewelry is increasing. Jewelers in cities like Mumbai, Delhi and Chennai said that despite high prices, sales are booming because people see gold as a symbol of investment and prosperity.
Prakash Kumar Pandey
No comments:
Post a Comment