New Delhi ,dec 30
Gold prices surged an impressive 20.3 per cent in 2024, cementing the precious metal’s status as a preferred safe-haven investment amid global uncertainties.
From Rs 65,220 per 10 grams of 24-carat gold on January 1 to Rs 78,440 on December 30, gold witnessed significant upward momentum despite intermittent corrections.The rally in gold prices was marked by key milestones. On July 18, prices touched Rs 76,410 per 10 grams, followed by another sharp rise to Rs 81,740 on October 31, driven by global inflation concerns, currency fluctuations, and the ongoing trend of de-dollarization. Gold’s surge was underpinned by multiple factors, including geopolitical uncertainties, inflationary pressures, and fluctuating foreign exchange rates.While the easing of geopolitical tensions temporarily reduced the “war premium” on gold, persistent concerns about inflation and shifts in global financial trends kept the metal in focus.Dr Saurabh Gadgil, Chairman and Managing Director of PNG Jewellers, noted, “Gold continues to shine as a preferred investment despite recent price corrections. The easing of geopolitical tensions has moderated the ‘war premium,’ but rising inflation, fluctuating currencies, and the global trend of de-dollarization keep gold in focus as a safe haven.”
He added, “Looking ahead, while short-term fluctuations are inevitable, the long-term fundamentals remain strong, and strategic buying during dips will yield favourable returns.”As the year draws to a close, gold prices have entered a phase of consolidation, with limited upside momentum due to a stronger U.S. dollar and subdued market activity during the holiday season.Pranav Mer, Vice President, EBG – Commodity & Currency Research at JM Financial Services Ltd., commented, “Gold prices are likely to see continued consolidation this week amid lack of fresh triggers as major participants are still away due to new year holiday in the international market, while upside in the bullion limited due higher dollar that is trading near 108-levels.”
