What is the expected gold price forecast?
Gold is a precious metal that has been used for centuries as a medium of exchange and a store of value. The price of gold is influenced by various factors such as geopolitical events, demand and supply, inflation, import duty, currency fluctuations, government reserves, interest rates, and market conditions.
In this article, we will discuss the forecast for the gold rate in the upcoming days, months, and years. According to Rajan Dhawan's Gold Rate Forecast, the price of 24 24-carat gold is expected to be Rs.6404 per gram. for 22-carat Gold, it is expected to be Rs.5870 per gram on December 6, 2023.
The forecast predicts a positive movement of 0.05% for the 24-carat segment. It means that the price for both segments is expected to increase by Rs.3 per gram.
The gold rate forecast for tomorrow, December 7, 2023, indicates that the price for 22 22-carat gold is predicted to be Rs.5880 per gram. The 24 Carat Gold, is expected to be Rs.6415 per gram.
Experts predict that gold prices are likely to rise in 2024 and then hold steady from there. Goldman Sachs analysts are forecasting an average spot gold price (per ounce) of US$1,970 in 2023, US$1,972 in 2024, US$1,971 in 2025, and US$1,971 in 2026.
What Factors Will Influence Gold Prices In 2024?
Gold prices are impacted by different factors, including geopolitical events, demand and supply, inflation, import duty, currency fluctuations, government reserves, interest rates, and market conditions.
In the year 2024, the following factors are expected to affect gold prices:
1. Central Bank Action: Central banks worldwide have been purchasing gold to diversify their reserves and protect themselves against inflation.
2. Interest Rate Cuts: Interest rate cuts by central banks can lead to a decrease in the currency's value, which, in turn, can increase the demand for gold as a safe-haven asset.
3. Geopolitical Tensions: Geopolitical tensions like trade wars, political instability, and military conflicts can result in a rise in the demand for gold as a safe-haven asset.
4. Growth Concerns: Economic growth concerns can cause a decrease in the currency's value, leading to an increase in the demand for gold as a safe-haven asset.
According to Goldman Sachs analysts, the average spot gold price per ounce is estimated to be $1,970 in 2023, $1,972 in 2024, $1,971 in 2025, and $1,971 in 2026.
However, it's essential to note that the gold rate is affected by various factors, and the predictions are subject to change based on these factors. Investors should keep a close eye on the market conditions and make informed decisions.
Gold prices are impacted by different factors, including geopolitical events, demand and supply, inflation, import duty, currency fluctuations, government reserves, interest rates, and market conditions. In the year 2024, the following factors are expected to affect gold prices:
1. Central Bank Action: Central banks worldwide have been purchasing gold to diversify their reserves and protect themselves against inflation.
2. Interest Rate Cuts: Interest rate cuts by central banks can lead to a decrease in the currency's value, which, in turn, can increase the demand for gold as a safe-haven asset.
3. Geopolitical Tensions: Geopolitical tensions like trade wars, political instability, and military conflicts can result in a rise in the demand for gold as a safe-haven asset.
4. Growth Concerns: Economic growth concerns can cause a decrease in the currency's value, leading to an increase in the demand for gold as a safe-haven asset.
According to Goldman Sachs analysts, the average spot gold price per ounce is estimated to be $1,970 in 2023, $1,972 in 2024, $1,971 in 2025, and $1,971 in 2026.
However, it's essential to note that the gold rate is affected by various factors, and the predictions are subject to change based on these factors. Investors should keep a close eye on the market conditions and make informed decisions.