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<keyword id="20762025" type="General" weightage="100" keywordseo="silver-prices" source="keywords">Silver prices</keyword> have reached a significant milestone on Monday, touching Rs 1,00,000 on the Multi Commodity Exchange (MCX) for the March contract. According to the experts, this surge is being driven by escalating <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> in the Middle East, actions by China, and uncertainties related to the upcoming U.S. elections. These global risks are pushing silver prices to fresh all-time highs, as investors seek <keyword id="21286754" type="General" weightage="20" keywordseo="safe-haven-assets" source="keywords">safe-haven assets</keyword> amidst the growing instability. "Silver prices have aligned with expectations, and we anticipate a potential rally towards the usd 40 mark in the next six months. <keyword id="23623786" type="General" weightage="20" keywordseo="MCX-March-contract" source="keywords">MCX March contract</keyword> silver tested Rs 1 lakh, as geopolitical tensions are expected to continue supporting its safe-haven appeal. Additionally, high ETF investments and China's economic support contribute to a positive outlook. With <keyword id="23623788" type="General" weightage="20" keywordseo="gold-silver-ratio" source="keywords">GOLD SILVER RATIO</keyword> dropping towards the 80 level, it is likely to outperform gold. We expect silver to reach Rs 1.3 lakh by March 2025" said Ajay Kedia, Director of <keyword id="23623787" type="General" weightage="20" keywordseo="Kedia-Advisory" source="keywords" meta.keywordsubtype="org" meta.entityname="Kedia Advisory" meta.hostid="261" meta.entityid="Kedia Advisory">Kedia Advisory</keyword>. Silver remains strong in the market, with industrial demand expected to further boost prices. Analysts predict that silver could soon approach the USD 40 mark, as demand continues to rise. The metal plays a key role in industries such as electronics, solar energy, and manufacturing, making it highly sought after for both investment and practical purposes. In the commodity markets, contracts refer to agreements to buy or sell a specific quantity of a commodity at a predetermined price on a future date. These contracts are standardized and traded on exchanges like MCX. Traders use them to hedge against price fluctuations or to speculate on price movements. For instance, in the case of silver, the March contract represents an agreement to trade silver at a fixed price in March, allowing traders to lock in prices now to avoid future volatility. The ongoing geopolitical tensions and global risks are driving the prices of commodities like silver, as investors look for stability in uncertain times. The surge in silver prices reflects both the increasing demand for industrial use and its value as a safe-haven asset. With the global outlook remaining uncertain, silver could see further gains in the coming months.

Silver touches Rs 1 lakh mark on MCX march contract

After potato and onion, the price of edible oil has now gone up due to a sharp increase in the cost of oilseeds. Crude palm oil (CPO) prices in the domestic futures market have risen by 53 per cent in the past six months due to a decline in palm oil production in Malaysia. <keyword id="53341" type="PERSON" weightage="20" keywordseo="soybean">Soybean</keyword> and mustard prices are also witnessing steady rise. Oilseed market experts say that the price of mustard, soya oil and palm oil is currently at the highest level in India and there is a possibility of further rise in prices in the coming days due to costlier imports from abroad. According to market sources, the wholesale price of raw mustard in the country was Rs 1,155 per 10 kg on Thursday, while the wholesale price of soya oil was Rs 995-1010 per 10 kg, while that of and palm oil (RBD) was Rs 935-945 per 10 kg. At the same time, the wholesale price of sunflower oil was Rs 1,180-1,220 per 10 kg. On Thursday, the CPO on <keyword id="109771" type="COMPANY" weightage="20" keywordseo="Multi-Commodity-Exchange">Multi Commodity Exchange</keyword> (MCX) gained nearly 2 per cent to Rs 869.70 per 10 kg, while the CPO contract was broken by Rs 567.30 per 10 kg on May 7, 2020. Thus, CPO prices have risen by more than 53 per cent in the last six months. Ajay Kedia, director of <keyword id="8953944" type="COMPANY" weightage="20" keywordseo="kedia-advisory">Kedia Advisory</keyword>, said the fall in palm oil production in Malaysia has led to a rise in prices. He said that in view of the rise in prices of mustard and soybean in the country along with crude palm oil, there is a possibility of further rise in the prices of edible oil in the coming days. On the other hand, the prices of soybean and soy oil have also gone up in the global market. Lakshmichand Aggarwal, president of the Central Organisation for Oil Industry and Trade, said that the rise in prices of other edible oils, including palm oil and soy oil, has also affected the mustard oil, while the mustard crop remained low in the last season. Prices have got support. He said that the increase in prices will increase the interest of farmers in mustard sowing during the current Rabi season. On Thursday, the Mustard November contract price on <keyword id="9936942" type="COMPANY" weightage="20" keywordseo="the-national-commodity-and-derivatives-exchange">the National Commodity and Derivatives Exchange</keyword> (NCDX), the largest futures market for agricultural products in the country, rose to Rs 6,348 per quintal. At the same time, the November contract of soybean on NCDX rose by Rs 4,339 per quintal. SEE ALSO: <a href="https://www.businessinsider.in/politics/world/news/heres-when-you-can-expect-more-data-from-each-state-in-the-next-few-hours/articleshow/79065787.cms" data-type="tilCustomLink">Here's when you can expect more data from each state in the next few hours</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-cashes-in-yet-another-cheque-from-pif-saudi-arabia-sovereign-fund-to-invest-1-3-billion-in-reliance-retail/articleshow/79061345.cms" data-type="tilCustomLink">Mukesh Ambani cashes in yet another cheque from PIF — Saudi Arabia’s sovereign fund to invest $1.3 billion in Reliance Retail</a>

After potato and onion, edible oil prices shoot up 53% in the past six months

Riding positive indicators from markets abroad, gold traded on a new record high on the futures trade market in India. It traded at Rs 45,724 per 10 gm on <keyword id="6355409" type="ORGANIZATION" weightage="20" keywordseo="mcx">MCX</keyword> even as silver too was on strong wicket. The high gold price in international market continued for the fifth consecutive day. On <keyword id="57178" type="COMPANY" weightage="20" keywordseo="comex">Comex</keyword>, it rose to a seven-year high. On Multi-Commodity Exchange (MCX), gold prices for June was trading Rs 1515 (3.47 per cent) higher at Rs 45,237 per 10 gm in the morning compared with earlier session. <keyword id="103837" type="PERSON" weightage="20" keywordseo="Angel-Broking">Angel Broking</keyword> Deputy Vice President Anuj Gupta said that the high gold price was expected to continue on a high due to investors interest in precious metals in view of economic uncertainties. Silver was trading on the MCX for Rs 43,275 per kg, an increase of Rs 2052, in the first session. It opened at Rs 42,871 and went up to Rs 43,532. In the international future trades markets, gold was trading on Comex at 1,742.20 dollars to an ounce, which was the second highest since October 18 when it was 1,749.10 dollars. Kedia Advisory Director <keyword id="728300" type="PERSON" weightage="20" keywordseo="Ajay-Kedia">Ajay Kedia</keyword> said the high price was due to the fact that gold was seen as a safe investment. Gold was selling for June contract on Comex at 1,711.70 dollars, an increase of 17.80, per ounce. It went up to 1,742 dollars, the highest for seven-and-a-half years. Silver for May contract was selling at 15.55 dollars per ounce, an increase of 2.56 dollars. Market experts said gold prices could touch 2,000 dollars. In Indian market, it could go up to Rs 50,000 per gm in the futures market. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sensex-and-nifty-rally-4-after-positive-cues-from-global-markets/articleshow/75021184.cms" data-type="tilCustomLink">Sensex and Nifty rally 4% after positive cues from global markets</a>

Gold, silver rule high on Indian futures trade market

Gold and <keyword id="20762025" type="General" weightage="20" keywordseo="Silver-prices" source="keywords">Silver prices</keyword> are on an upward trajectory backed by firm demand, and the steam seems to remain till the end of this festival season. In the current financial year, gold and silver prices have appreciated by nearly 10 and 24 per cent, respectively. "From Indian perspective, with the <keyword id="22519627" type="General" weightage="20" keywordseo="customs-duty-cut" source="keywords">customs duty cut</keyword> in July, that has and will give a big boost to consumption of gold...We broadly foresee that the October-December quarter would be pretty strong. It's a good time for gold," Sachin Jain, Regional CEO, India, <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="261" meta.entityid="World Gold Council">World Gold Council</keyword>, told over the phone. <keyword id="19910265" type="General" weightage="100" keywordseo="Gold-prices" source="keywords">Gold prices</keyword> are currently at around Rs 77,845 per 10 grams. At the start of the financial year, the prices were around Rs 68,700. "For a rally, a correction in prices is also needed, which we are seeing now. <keyword id="23342085" type="General" weightage="20" keywordseo="ETF-buying" source="keywords">ETF buying</keyword>, central banks' buying, <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> all are bull factors for gold," explains Ajay Kedia, head of Mumbai-based firm Kedia Advisory. For silver, Kedia anticipates prices to march towards Rs 100,000 per kg in the near-to-mid-term. "Industrial use of silver is increasing, such as for EVs and solar panels. Silver prices were unable to pick up because of the recession fears in certain countries. But in the past months, we have been seeing outperformance in silver," said Kedia. Silver prices are currently around Rs 93,000 per kg, as against Rs 75,000 at the start of the current financial year. Manoj Kumar Jain, Director - Head commodity and Currency Research, Prithvi Finmart, said he sees gold futures tasting Rs 77,000, and silver at Rs 96,000 in the near term. "Usual market fundamentals are not working, and the bull run in the market is driven by post-Covid gold buying by central banks as part of de-dollarisation, besides heightened geopolitical tensions and rate cuts by various central banks. A reduced interest rate is also a positive for gold and other commodities," Jain said. International gold prices have seen an "extraordinary" rise this year at about 40 per cent, versus its normal average of about 10 per cent, Jain added. Colin Shah, MD, Kama Jewelry, and former Vice Chairman Gem and Jewellery Export Promotion Council (GJEPC), said that the demand for gold is expected to be robust with the onset of <keyword id="19894908" type="General" weightage="20" keywordseo="festive-season" source="keywords">festive season</keyword>. "The key drivers behind the stellar performance of gold is the beginning of a rate cut cycle in the US, followed by strong anticipation for further rate cuts in the upcoming meetings. The geopolitical tensions between Israel and Lebanon are also pushing gold prices up," said Shah. International gold prices are currently testing the USD 2700 levels per ounce, and Shah's expectation is that it may touch USD 3,000 levels. In domestic market, he expects prices to cross Rs 78,000 in the medium to long-term. Pranav Mer, Vice President, EBG - Commodity and Currency Research, JM Financial Services Ltd, also painted a similar picture. Mer said the bullion is likely to remain supported by <keyword id="20501401" type="General" weightage="20" keywordseo="safe-haven-demand" source="keywords">safe-haven demand</keyword>, buying among ETF investors. "On chart... trend remains positive till support at 75850/ 75500 holds, while on the upside resistance is seen at 76550 (for Dec. futures)," Mer added.

Gold crosses Rs 77,000, experts project that silver could reach Rs 1 lakh this festive season

The <keyword id="91748" type="General" weightage="100" keywordseo="indian-rupee" source="Orion">Indian rupee</keyword> has seen successive lows in the recent days. And it fell by another 8 paise on Monday, reaching to an all-time low of 83.80 against <keyword id="6368584" type="General" weightage="20" keywordseo="US-dollar" source="Orion">US dollar</keyword> in early trade. The rupee opened at 83.78 before slipping to 83.80 against the dollar. On Friday, the rupee had settled 1 paisa higher at 83.72 in a range-bound session. Last Wednesday, the rupee had plummeted to 83.7425 against the dollar. A Reuters report at the time quoted traders attributing this decline to importers' month-end demand for the dollar. Earlier today, a Bloomberg report had said that any signs of a dovish stance in the central bank’s upcoming policy on August 8 could potentially drive the rupee even lower. According to a PTI report, forex traders noted that the sharp decline in the rupee was driven by a significant downturn in Indian equity markets and substantial foreign fund outflows. The report also added that last week, global stock markets dropped sharply after a disappointing US jobs report raised worries about a possible recession, making investors seek safer options. In addition, the upcoming US elections and rising tensions in the Middle East, especially after the killing of Hamas leader Ismail Haniyeh in Tehran, are making investors extra cautious. Talking about the recession in the US and how it is worrying investors, Mumbai-based Ajay Kedia of financial services firm Kedia Advisory said as per a report in ANI, "U.S. recession concerns led to worries about foreign outflows from India and emerging markets. "The fall is attributed to concerns over a potential U.S. recession, which has spurred worries about foreign outflows from India and other emerging markets. The selloff in U.S. and Asian equities, following a disappointing U.S. jobs report, has intensified these concerns, causing significant market jitters," Kedia added as per the report. On the other hand, despite the weakening of the US dollar and an 11 percent correction in oil prices, the rupee has remained below the 83.70 level. Meanwhile, the dollar index, which measures the greenback's strength against six currencies, was down 0.24% at 102.95. Brent crude futures, the global oil benchmark, rose 0.30% to USD 77.04 per barrel. In the domestic equity market, the 30-share BSE Sensex was trading 1533.11 points, or 1.89%, lower at 79,448.84 points. The broader NSE Nifty dropped 463.50 points, or 1.88%, to 24,254.20 points. Foreign Institutional Investors (FIIs) were net sellers on Friday, offloading shares worth Rs 3,310.00 crore, according to exchange data.

Rupee falls to record low of 83.80 against US dollar, drops 8 paise

Even as international <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">gold prices</keyword> fell relatively on Monday with relative ease in <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> in the Middle East, the prices of the safe haven yellow metal are seen rallying towards USD 2,500 in case of further escalation in the war situation. At the time of filing this report, gold June futures contracts were 1.4 per cent or USD 35 lower at USD 2,378.70 per ounce, after a five-week rally. According to a Bloomberg report, gold remains almost 15 per cent higher so far this year, with gains supported by central bank buying and demand from Asia. Ajay Kedia, a Mumbai-based expert and head of Kedia Advisory, said fundamentals in the gold are not working at present. He said the geopolitical conflicts in the Middle East is leading to the strengthening of the <keyword id="19976503" type="General" weightage="20" keywordseo="Dollar-index" source="keywords">Dollar index</keyword>, which is typically negative for gold. Further, he said the gold market is now in an overbought zone. Any de-escalation in the <keyword id="20132853" type="General" weightage="20" keywordseo="Middle-East-crisis" source="keywords">Middle East crisis</keyword> is key for gold, he said, as he advised investors to avoid taking positions in the market. In case of further escalation, he sees gold at USD 2500 and with de-escalation USD at 2,320. Historically, gold, as an asset, is considered to be haven as it typically manages to retain or appreciate its underlying value in times of turbulence. Gold finished March at USD 2,214 per ounce, 8.1 per cent higher month-over-month, driven by higher risk and positive momentum. The move in the gold price year-to-date has also been likely aided by growing geopolitical risk, continued central bank demand and resilient gold consumer buying, said the World Gold Council recently. "Looking forward we find that, while gold is trading at all-time highs, investment demand - especially that linked to gold ETFs - remains low and given the right conditions could provide additional support," the gold council said in a report. Particularly for India, a key market, it said Indian elections will likely stall local demand in April. "India, the world's largest democracy, goes to the polls in April. The market will see little activity during the six-week election period. To boot, a diminished wedding season on the other side suggests that, all else equal, we should not expect to see any pent-up demand from Indian consumers in June," it argued. Gold consumption tends to be impacted during the election season as typically there is heightened scrutiny on the movement of cash, gold, and jewellery. Anecdotal evidence suggests that the various industry stakeholders (bullion dealers, manufacturers, and jewellers) limit their transactions during this time, the World Gold Council said. Gold is at an all-time high and is getting attention, but the council believes assets at such levels are challenging for investors who think they may have missed the boat. "However, our analysis suggests that gold is currently well supported by fundamentals, and the low participation from US investors in particular augurs well for the rally to continue, in contrast to what we saw in 2011," it added. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/at-17-indian-chess-prodigy-d-gukesh-becomes-youngest-challenger-for-world-championship/slidelist/109492021.cms" target="_blank">At 17, Indian chess prodigy D Gukesh becomes youngest challenger for World Championship</a><a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/telecom-companies-may-hike-tariffs-by-up-to-17-after-the-general-elections-as-per-analysts/articleshow/109240274.cms" target="_blank">Telecom companies may hike tariffs by up to 17% after the general elections, predict analysts</a><a href="https://www.businessinsider.in/business/auto/news/ev-sales-expected-to-grow-by-over-65-in-2024-double-its-overall-market-share/articleshow/109155691.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/ev-sales-expected-to-grow-by-over-65-in-2024-double-its-overall-market-share/articleshow/109155691.cms" target="_blank">EV sales expected to grow by over 65% in 2024, double its overall market share</a>

Escalation in Middle East crisis could fuel international gold prices to USD 2,500

New Delhi [India], June 28 (ANI): <keyword id="17824119" type="General" weightage="80" keywordseo="tomato-prices" source="Denny">Tomato prices</keyword> are burning a hole in common people's pockets with the vegetable being sold at Rs 80-100 per kg in some cities. On Wednesday, the price of tomato was between Rs 90-100 a kg in Delhi. "In wholesale, we are getting tomatoes for Rs 60-80 kg. In retail people will get it for Rs 90-100. The rates have gone up in the last 10-15 days due to rains," says Deepak, a tomato seller in Delhi. The reason behind this is the dip in supply due to heatwaves in tomato-growing areas and heavy rain. Meanwhile, the sky-rocketing price of tomatoes in Uttar Pradesh is forcing the common people to cut down on their daily food menu. A vendor said, "'Tomatoes have reached Rs 100 a kg. Those who need 1 kg are buying 250 grams. Tomatoes have become costlier in the last 4-5 days. This is affecting people's pockets a lot." Tomato prices have recently shot up in the markets across the country from Rs 10-20 per kg to a price of Rs 80-100 per kg. The reason behind this is the dip in supply due to heatwaves in tomato-growing areas and heavy rain. Ajay Kedia, a Mumbai-based commodity market expert and head of Kedia Advisory said, "This year, for a variety of reasons, fewer tomatoes were sown than in prior years. As the price of beans surged last year, many farmers switched to growing beans this year. However, a lack of monsoon rains has caused the crops to dry out and wilt. The limited supply of vegetables, particularly tomatoes are due to <keyword id="17836270" type="General" weightage="80" keywordseo="crop-damage" source="Denny">crop damage</keyword> caused by heavy rainfall and extreme heat." Speaking to on Tuesday, Mohammad Raju, a resident of Delhi said, "Tomato is being sold at a price of Rs 80 per kg. The rate has suddenly shot up in the past two-three days." Tomato prices have also skyrocketed in the southern state of Karnataka and its capital city Bengaluru as incessant rains have damaged the crop and made transportation difficult. The price of tomatoes touched Rs 100 per kg in a market in Bengaluru and traders said that due to heavy rain, the crops have been damaged. According to the database maintained by the Price Monitoring Division under the Department of Consumer Affairs, per kilo tomato on an average rose from Rs 25 to Rs 41 in retail markets. Maximum prices of tomatoes in retail markets were in the range between Rs 80-113. The rates of staple vegetables were in tune with the rise in their prices in wholesale markets, which jumped about 60-70 per cent on average in June. (ANI)

Excessive heat, extreme rain and soaring tomato prices

<ul><li>Experts say some short-term correction from the all-time high in the next few months should offer an entry point. </li><li>Apart from <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword>’s safe haven status, de-dollarisation is also adding to its lustre. </li><li>Investors expected to hold reliable safeguards like gold within their investment portfolios in 2024.</li></ul>Optimism for early Fed rate cuts in 2024 weakened the dollar and bonds, sending gold prices soaring to their highest point in almost three weeks recently. In fact, a <keyword id="113718" type="General" weightage="20" keywordseo="world-gold-council" source="Orion">World Gold Council</keyword> report expects one in four central banks to increase their gold reserve holdings which mean more demand. This and conditions in the Middle East have analysts expecting an upside in 2024 with prices moving towards $2,200. Market watchers expect the yellow metal to at least hold around $2,000 per ounce in the first part of next year. If the interest rate rate cycle has peaked, that should keep gold well supported. However, according to Ghazal Jain, fund manager of alternative investments at Quantum AMC, <keyword id="6377314" type="General" weightage="20" keywordseo="rate-cut" source="Orion">rate cut</keyword> expectations and the up move in gold is vulnerable to a reversal in the short term in case of a higher for longer Fed stance or hawkish Fed commentary to push back against market expectations and loosening of financial conditions. How gold prices may pan out According to the World Gold Council, as we look forward to 2024, investors will likely see one of three scenarios. The general expectation among market experts is for ‘soft landing’ in the US, a scenario historically not favourable for gold, leading to flat or slightly negative outcomes. However, each economic cycle differs. Presently, increased tensions on the world stage during important election years for major economies, along with ongoing central bank purchases, might offer added support to gold. Moreover, the certainty of the Federal Reserve successfully guiding the US economy to a safe landing with interest rates exceeding five percent remains uncertain. The possibility of a global economic downturn still looms, prompting investors to consider holding reliable safeguards like gold within their investment portfolios. <h3 style="line-height:1.38;background-color:#ffffff;margin-top:0pt;margin-bottom:0pt;padding:14pt 0pt 4pt 0pt;">The global economy faces three likely scenarios in 2024</h3> <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Economic Scenario </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Soft Landing </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hard Landing </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">No Landing </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Probability </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">45%-65% </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">25%-55% </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5%-10% </td></tr><tr><td rowspan="4" style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Drivers of gold </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Opportunity Cost </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Opportunity Cost </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Opportunity Cost </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Economic expansion </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Economic expansion </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Economic expansion </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk and uncertainty </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk and uncertainty </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Risk and uncertainty </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Momentum </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Momentum </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Momentum </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Implied gold performance </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Flat with upside potential </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Notably higher (above record) </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Flat with initial downside pressure </td></tr></tbody><tbody></tbody></table> Source: World Gold Council Most experts expect some short-term correction from the all-time high to the tune of 5-7% in the next few months – offering a brief but decisive entry point. “After the first quarter of 2024, we might see another positive cycle after interest rate cuts,” says Jateen Trivedi, VP and research analyst at LKP Securities tells Business Insider India.. Jain also says that the outlook is positive even if there could be some volatility in the next few months. The China factor There is another factor at play that can offer long-term support to prices is the aggressive central bank purchases of gold. Apart from the yellow metal’s safe haven status, de-dollarization is also adding to its lustre. “One of the main drivers of gold demand is China, India, Russia, and Turkey, which buy record amounts of gold to protect their economy from dollar fluctuations and increase their financial independence,” says a report by Kedia Advisory. China, which is the biggest global buyer of oil, has been in talks with Saudi Arabia to sell them oil in yuan since 2022. “It is possible that the Saudis may have asked for the yuan to be backed by gold, to bolster its lack of free convertibility. This could explain why the Chinese central bank has been buying more and more gold each year,” explains Jamal Mecklai, CEO of Mecklai Financial in his note. China has already announced its goal of raising gold holdings to 5%, and its share at the end of Q2 2023 is at 3.84%. “The possibility that China may see fit to push the share of its gold holdings even higher than 5%, we may well be seeing just the start of a real bull market in gold,” adds Mecklai. We have seen a very bullish 2023, and at this point in time, it’s very possible that gold may continue to shine in 2024.

The yellow metal will continue to sparkle in the new year

<ul><li><keyword id="19741479" type="General" weightage="20" keywordseo="wedding-gold-sales" source="Orion">Wedding gold sales</keyword> are seeing recycling on account of high prices, but it’s a zero sum-game.</li><li>If allocation of gold is higher than 15% in a portfolio, profits can be booked but that is not strongly advised.</li><li>Experts believe that there will be another spike in <keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">gold prices</keyword> in 2024, once the US Fed changes its stance on interest rates which will shift focus to gold. </li></ul>Jayasri Vadapalli, 54-year-old homemaker from Hyderabad has been trying to exchange her old-fashioned gold jewellery pieces for a while now. After gold prices hit a new-high in December, she was thrilled to hear that the necklace she purchased eight years back is now worth twice what she paid for. “I thought of exchanging it for another set,” she said. But her plans were thwarted as she learnt that she missed the festive-period discount season. As per reports, there has been a surge in people recycling old gold like her, during the ongoing wedding season. Prices are of no consequence as exchanging old gold for new jewellery is a zero-sum game, say experts. “There is no gain to be made when people recycle gold. In fact, it’s a bad idea to exchange when prices are high as no jeweller will give any offers when there is a rush,” Jateen Trivedi, VP and research analyst at LKP Securities tells Business Insider India. Book profits or hold? India is sitting on physical gold holdings which are estimated anywhere between 25,000 to 27000 tonnes. It’s all worth a lot more after the recent spike, but little can be realized from it, as most of it is in the form of jewellery — which is not sold unless there is a specific need or an emergency. “Traditionally, Indians have been advised to safeguard their future by saving or investing in gold. While considering physical gold, it is usually not purchased for investment purposes so they could hold it for their respective purpose,” says Rahul Kalantri, VP Commodities , Mehta Equities. Agrees Trivedi,“There is no woman in India who would sell her jewellery no matter what the prices are or how much profits there are in it unless there is a financial crunch or need for family. The amount of physical gold in the form of bars which is held for trading purposes can be sold to book profits, but that percentage is very low.” It’s very unlikely that even traders would liquidate their holdings, since analysts expect gold to see another spike once the US Fed goes in for rate cuts to support growth. “We advise as much as 10-15% of the portfolio to be in gold holdings. Any incremental holdings can be sold to book profits as we look at gold holding strategically and not tactically. If prices run up a lot, they can be sold to book profits but prospects for 2024 look good, so they shouldn’t miss out on that,” says Ghazal Jain, fund manager of alternative investments at Quantum AMC. Should you buy more? Most experts expect some short-term correction from the all-time high to the tune of 5-7% in the next few months – offering a brief but decisive entry point. “After the first quarter of 2024, we might see another positive cycle after interest rate cuts,” says Trivedi. Jain also says that the outlook is positive even if there could be some volatility in the next few months. “We suggest individuals could consider shifting to Sovereign Gold Bonds, offering the dual advantage of gold investment and earning interest over time,” says Kalantri. There is another factor at play that can offer long-term support to prices is the aggressive central bank purchases of gold. Apart from the yellow metal’s safe haven status, de-dollarization is also adding to its lustre. “One of the main drivers of gold demand is China, India, Russia, and Turkey, which buy record amounts of gold to protect their economy from dollar fluctuations and increase their financial independence,” says a report by Kedia Advisory. China, which is the biggest global buyer of oil, has been in talks with Saudi Arabia to sell them oil in yuan since 2022. “It is possible that the Saudis may have asked for the yuan to be backed by gold, to bolster its lack of free convertibility. This could explain why the Chinese central bank has been buying more and more gold each year,” explains Jamal Mecklai, CEO of Mecklai Financial in his note. China has already announced its goal of raising gold holdings to 5%, and its share at the end of Q2 2023 is at 3.84%. “The possibility that China may see fit to push the share of its gold holdings even higher than 5%, we may well be seeing just the start of a real bull market in gold,” adds Mecklai. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/stellar-listing-gains-book-profits-if-there-are-bumper-gains-say-experts/articleshow/105630290.cms">Stellar listing gains: Book profits if there are bumper gains say experts</a> <a href="https://www.businessinsider.in/stock-market/news/private-equity-vc-players-make-a-killing-as-ipo-rush-yields-them-10000-crore/articleshow/105649353.cms">Private equity &amp; VC players make a killing as IPO rush yields them ₹10,000 crore</a>

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The yellow metal will continue to sparkle in the new year

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Gold rush: Don’t recycle or book profits yet, another bull-run on the way say analysts

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