Gold Price: Gold prices are being recorded much higher than expected. The last few months have seen a significant increase in the price of gold, impacting both traders and consumers. Gold prices are expected to rise further in the coming days. It is expected that the price could reach Rs 2 lakh per 10 grams.
Chris Wood, Jefferies’ Global Head of Strategy, believes this is a good fit for the current cycle. He compares the gold rate to a historic bull run that was also witnessed nearly four decades ago, or 40 years ago. Below, you can find experts’ opinions on the final gold rate.
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What will the gold price be now?
On Monday, the first day of the trading week, gold prices reached a new high. The price of 24-carat gold in the country’s market was recorded at Rs 1,12,730 per 10 grams, while the price of 22-carat gold was trending at Rs 1,03,350 per 10 grams. 22-carat gold is used in gold jewellery. The global price of gold is $3,722 per ounce.
How much percentage could the price of gold rise?
Wood’s latest GREED & FEAR report states that in January 1980, when the previous cycle peaked, the price of gold represented 9.9 per cent of US per capita disposable income. At this time, per capita disposable income was trending at $8,551. The price of gold is currently at $3,670 per ounce.
This is only 5.6 per cent. Given today’s per capita disposable income of $66,100, the price of gold should reach $6,571. Gold prices could see a 77 per cent increase in a few days.
How much will gold rise after a 77% surge?
According to Chris Wood’s forecast, gold prices could see a 77.2% surge. In the domestic market, gold prices could reach ₹1,99,741, or approximately Rs 2 lakh per 10 grams. This year, gold prices have risen 39%. Additionally, a 27% increase was expected in 2024.