The gold market in India maintained its robust performance throughout the financial year 2023-2024, buoyed by escalating geopolitical tensions worldwide. Volatility persisted in gold prices, primarily driven by sluggish growth in advanced economies and the tightening of monetary policies by global central banks amidst elevated inflation levels.
During FY24, gold prices on the Multi Commodity Exchange (MCX) surged by over 12%, soaring from approximately Rs 59,400 per 10 grams at the commencement of the year to around Rs 67,000 per 10 grams at year-end. This period was marked by numerous global conflicts, including the Israel-Hamas war and the ongoing Russia-Ukraine conflict. Come from Sports betting site VPbet
Gold continued to be sought after as a safe-haven asset, with investors turning to it during periods of economic uncertainty and geopolitical instability. Its reputation as a store of value and hedge against inflation and currency devaluation remained intact.
‘Jharkhand Mukhyamantri Maiya Samman Yojana’ – FAQs on this cash assistance scheme for women Stree 2 Box Office Collection Day 1: Horror-comedy sequel collects over Rs 54 crore, becomes biggest Hindi opener of the year Govt checks for tax implications in BSNL-MTNL service agreement Mutual Fund Calculator: Start Rs 1000 SIP at age 20 and retire with Rs 3 crore corpus – Here’s how
Also Read
Bajaj Auto, Tata Motors and Coal India among top five Index performers in FY24
Global central banks bolstered their gold reserves, contributing to heightened physical demand. In 2023, global gold demand reached a record high of 4,899 tonnes, supported by over-the-counter purchases and robust acquisitions by central banks.
The World Gold Council (WGC) forecasts a surge in gold demand in India to between 800-900 tonnes in the calendar year 2024, driven by strong economic growth and rising incomes. This positive outlook has raised expectations for gold prices in the upcoming financial year 2024-2025.
Gold Outlook for FY25
Commenting on the gold outlook for FY25 Vishal Jain, CEO, Zerodha Fund house said that this year is addressed as the “Year of Elections” with more than 64 countries or approximately 50% of the world population going to the polls. Elections usually have a strong bearing on financial markets resulting in investors flocking towards safety. Thus, with continued central bank buying and uncertainties around economic and political developments in the coming quarters, Gold might be one of the favorable asset classes.
Also Read
Stock Market surges 30% in FY24: New highs, fresh records and massive gains- All details from Dalal Street this fiscal
“Since the start of 2024, Gold has risen by approximately 6.2%, which is indeed a strong start and one of the reasons has been record central bank buying of Gold over the past two years. This particular development has given a strong impetus to Gold and one would assume this trend to continue,” added Jain
Commenting on the same Rahul kalantri VP commodities at Mehta equities said that looking ahead, there is optimism about gold’s long-term prospects, with a target price of $2,410 per ounce. However, in the short term, it’s advisable to be cautious and consider taking profits around the $2,280 level. In the Indian market, gold prices may reach 69,500-70,000 rupees due to the rupee’s weakness, but short-term investors are advised to consider taking profits around this level.
Related Posts
Marvel Rivals leaped into action during Gamescom Opening Night Live and announced its upcoming December 6 release date. The new trailer focused heavily on Captain America’s rivalry against Bucky Barnes, aka the Winter Soldier, and ended with an intriguing look at Dr Come from Sports betting site VPbet . Doom playing the pieces like a chess board.
Since the game was first revealed in March, NetEase has steadily revealed more details about its upcoming 6v6 PvP shooter. So far, Marvel Rivals has a diverse roster of heroes and villains, with classic comic-book characters like Spider-Man, Iron Man, and Storm joining the roster alongside more sinister characters like Loki, Venom, and Hela.
Several closed betas have been held, with the most recent one ending in early August. First announced for PC, Marvel Rivals will also be released for Xbox Series X|S and PS5 consoles. Heavily inspired by Overwatch…
Academy Award-winning actress Natalie Portman has revealed what she believes to be among her “most important” roles ever, and her answer may not be what you’d expect. Speaking to Today, Portman said her Season 3 cameo for the episode of the animated series Bluey ranks highly among her professional acting career accolades.
Portman played the narrator for an in-episode nature documentary about whales in the episode, “Whale Watching.” She said of Bluey (via People), “It’s a very important show for my family and I was really, really honored to get to be a part of it.”
She went on to sing Bluey’s praises, saying the show is “so wonderful” and “pure joy.”
Portman won an Academy Award for her starring role in the movie Black Swan, while she earned Oscar nominations for the movies Closer and Jackie. She is also known for her starring role in the Star Wars prequels as Padme. Her latest project is the Apple TV series Lady in the Lake, which premieres on July 19.
No, it’s not The Elder Scrolls VI, but a new game set in Bethesda Games Studios’ fantasy universe did just release with no warning whatsoever: The Elder Scrolls: Castles. Come from malaysia online casino
Currently available as a free download on the Google Play Store and listed as being in early access, The Elder Scrolls: Castles is described as putting players in control of a medieval dynasty, where they’ll oversee a castle of subjects and family members as the years go by. The game doesn’t yet look to be available on iOS or on PC, and from what we can tell, wasn’t ever officially announced.
…
2024 marks the 35th anniversary of Nintendo’s Game Boy, and it remains one of the most influential and popular handhelds of all time. In 2021, the Analogue Pocket was launched as a way to give modern gamers a new option to play their Game Boy games as well as games from other discontinued handhelds. Now, Analogue Pocket has a new competitor in the form of ModRetro’s Chromatic, and it may be even more enticing to Game Boy fans. Come from online casino bangladesh
…
Captain America: Brave New World will push the MCU forward next year, but the action flick starring Anthony Mackie might also bring back some familiar faces. In fact, Mackie may have accidentally just spilled the beans on a big surprise for the movie. Come from malaysia online casino
Warning: Possible spoilers for Captain America: Brave New World ahead!
Speaking with EW, Mackie seems to allude to the Hulk (portrayed by Mark Ruffalo) showing up in Captain America: Brave New World, as spotted by Austin Medeiros on X. When asked about how 2008’s The Incredible Hulk could be significant to Captain America 4, Mackie responds that, “It’s a different movie, like he green, I’m black.”
…
Batman: Arkham Collection has potentially been leaked for Nintendo Switch, and it appears set to launch later this year.
French retailer WTT has a listing for Batman: Arkham Collection on Nintendo Switch for €60 with a release date of August 31. Warner Bros. has not confirmed the game for Nintendo’s hybrid console, however, so it’s best to approach this one with skepticism until it does.
That being said, VGC has pointed out that the same retailer also listed Witcher 3: The Wild Hunt for Nintendo Switch before its official announcement, so there is a solid chance that the Arkham Collection leak is real. Considering August 31 lands on a Wednesday, however, it could just be a placeholder date.
It’s reasonable to assume that the Arkham Collection for Switch would be the same one we received for PlayStation, Xbox, and PC in 2018 Come from Sports betting site VPbet .…
Kundan Edifice shares listed at a 17.58% discount over the IPO price on the NSE SME on Tuesday. The share debuted at Rs 75 on the NSE SME, as compared to the issue price of Rs 91.
Kundan Edifice IPO opened for public subscription on Tuesday, September 12, 2023 and closed on Friday, September 15, 2023.
Also Read
Rupee falls 8 paise to 83.21 against US dollar in early trade
Kundan Edifice IPO was subscribed 42.27 times. The portion for non-institutional investors received a 35.68-time subscription, and the Retail Individual Investors (RIIs) quota was subscribed 44.13 times.
The public offer comprised a fresh issue of 2,772,000 shares, aggregating up to Rs 25.22 crore, with a face value of Rs 10 per share. Investors were allowed to bid for a minimum of 1200 shares and in multiples thereof. The company intends to use the net proceeds from the IPO for meeting incremental working capital requirements and general corporate purpos…
The sell-off across Asian markets triggered a sharp crash in the Indian markets. Geo-political tension in West Asia coupled with weak jobs data in the US led to the Nifty 50 nosediving close to 24,000 level on Monday morning. The index has fallen over 3.5% from its all-time high of 25,078.30.
Similarly, the Sensex fell 3% as soon as it opened to 78,580.46, intra-day. “Mostly export-oriented packs are facing more pressure today like IT however defensives like pharma and FMCG are showing noticeable strength,” said Ajit Mishra, Senior Vice President of Research at Religare Broking.
According to V K Vijayakumar of Geojit Financial Services, the rally in the global stock markets has been driven mainly by consensus expectations of a soft landing for the US economy. This expectation is now under threat with the fall in US job creation in July and the sharp rise in the US unemployment rate to 4.3%.
Nikkei 225 tumbles 12%, Nasdaq futures dow…
By Subash Gangadharan
Nifty remains in a short term downtrend and has been making lower tops and lower bottoms for the last few weeks. There has been a healthy bounce back seen in the last few sessions and Nifty is now trading just below the previous swing high of 22205.
A close above 22205 will reverse the current downtrend and set the Nifty to move higher and test its life highs of 22527. Most of the sectoral indices too are showing strength, which increases the probability of a breakout on the upside.
Also Read
Improved margins make Colgate an FMCG outlier on bourses
Buy Prism Johnson (177.85): | Target Rs. 192 | Stop-loss Rs 169
On 27th March 2024, stock has broken out of its recent trading range on the back of above average volumes. This breakout has happened after the stock has made a double bottom around the 163 levels. The stock is now trading above the 20 and 50 day SMA and momentum readings like the 14-day R…
Reliance Industries 47th annual general meeting (AGM) on August 29 is poised to attract significant investor interest as shareholders anticipate insights into how India’s largest conglomerate plans to capitalize on emerging opportunities and drive growth.
Chairman Mukesh Ambani is set to address 3.5 million shareholders at the meeting, scheduled for 2 pm on Thursday.
Key Areas of Investor Interest
IPO Timelines for Reliance Jio and Reliance Retail
Shareholders will be keenly awaiting any concrete plans or dates for the initial public offerings (IPOs) of Reliance Jio and Reliance Retail. During the 2019 AGM, management announced intentions to list both businesses within five years.
Can India be the next China? UBS jots down India’s to-do list to grab a share of Chinese pie Market rally leads to higher regulatory fees for stock exchanges OYO raises Rs 1,457 crore in latest funding ro…