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There is a lot of movement regarding gold and silver in the year 2024. There is a lot of fluctuation in the price of gold. This year the price of gold broke its all-time high. While gold is making new records every day, silver is desperate to cross Rs 1 lakh. Gold is Rs 7416.60 per 10 grams while silver has touched the figure of Rs 90 thousand. The price of silver has reached Rs 88010 per kg.
Gold will cross Rs 1 lakh
Gold and silver are always considered safe investments. Gold has low risk, so people include it in their portfolio. Gold and silver are considered safe investments amid market uncertainty. This precious metal is easily sold in difficult times. Central banks around the world are increasing their gold reserves. China is also buying gold on a large scale. The price of gold is continuously increasing due to the total demand. Gold has crossed Rs 75 thousand. According to experts, the price of gold may increase further in the coming days.
Because of these reasons gold will shine even more
All India Gems and Jewelry Domestic Council Chairman Sayam Mehra and Vice Chairman Rajesh Gokhale said in a TV program on the price of gold that the price of gold may increase further in the coming days. He said that elections are being held in various countries around the world and the global markets are under pressure due to the Russia-Ukraine war. Gold prices are likely to rise due to low expectations of interest rate cuts by the US central bank Federal Reserve.
However, he also said that the increase in prices will not reduce the purchase of gold. Consumers' trust in gold has increased. Looking at the way the demand for gold has increased, the price of gold will reach 2600 to 2800 dollars i.e. 78000 to 80000 rupees per 10 grams. This rise will continue further, in the next two and a half years gold will cross the figure of 1 crore rupees per kg.
When will gold cross Rs 1 lakh?
According to the report of Muthoot Finance, looking at the way the price of gold is increasing, it is believed that by the year 2029, gold will cross the figure of Rs 1 lakh per 10 grams. According to the report, the price of gold will reach Rs 1,01,789. According to Ajay Kedia, director of Kedia Advisory, in view of the new global crisis emerging from the Middle East, it is estimated that by the end of 2024, gold will reach Rs 2000. It can reach around 1 lakh.
China and Russia bought gold
According to market insiders, gold prices are likely to rise in the long term and there is little hope of a fall in prices. Countries around the world are now running after gold instead of the dollar. Countries like China and Russia are rapidly buying gold. China has been engaged in increasing its gold reserves for the last 18 months. Russia is now investing in gold instead of dollars. While China is buying gold to strengthen its economy, India brought back 100 tons of gold from England so that it can feel safe during the global crisis. India's gold reserves have reached 822 tons which will go above 1000 tons in the coming days.
The price of silver will also increase
Silver is already at Rs. It is at the level of 90 thousand. It is expected to increase further in the coming days, it is believed that if the price increases at this pace, then silver will cross Rs 1 lakh this year itself. The use of silver is also increasing rapidly. Silver is being used rapidly in many components like utensils and electric vehicles. Due to which the possibility of its price increasing has also increased.