Gold prices have been on an upward trajectory during 2023 and this momentum is expected to continue in 2024
According to Mr. Colin Shah, the Managing Director of Kama Jewelry, the upward trend of gold prices observed in 2023 is anticipated to persist into 2024. He attributes the continued volatility of international gold prices to a variety of factors, including the current geopolitical climate, the strengthening of the US dollar against the Indian Rupee, and a generally pessimistic outlook on global economic growth.
Mr. Shah further predicts that domestic demand for gold will exceed expectations, potentially reaching a benchmark of 70k at the domestic level. This surge is expected to be fueled by robust domestic demand, spurred by increasing income levels and a growing preference for gold.
Globally, he anticipates that gold prices will fluctuate between USD 1850 and 2050. Despite these price movements, Mr. Shah is confident that consumer demand will continue to rise throughout the year. This growth is expected to be supported by increased purchasing power and a shift in perception of gold as a lifestyle statement, which he believes will drive sales across all price points.
