Gold prices surge on Akshaya Tritiya 2024
Gold prices surge on Akshaya Tritiya 2024
Gold prices have soared on Akshaya Tritiya 2024, reaching new heights as the precious metal continues its upward trajectory. Over the past five years, gold prices have seen a remarkable surge, rising from ₹31,729 per 10 gm in 2019 to ₹72,100 per 10 gm.
This year’s Akshaya Tritiya witnessed a sharp uptick in gold rates, driven by factors such as falling US dollar rates and increased domestic demand.
In the early morning hours of Akshaya Tritiya, gold future contracts on the Multi Commodity Exchange (MCX) for June 2024 expiry opened higher at ₹71,730 per 10 gm and quickly touched an intraday high of ₹72,230 per 10 gm.
Similarly, in the international market, COMEX gold prices rose to $2,361 per troy ounce, while spot gold prices hovered around $2,355 per ounce.
Experts attribute the surge in gold prices to several factors, including the decision of the Central Bank of England to keep interest rates unchanged. This move has put pressure on the US dollar, leading to increased demand for gold as a safe-haven asset. Additionally, Akshaya Tritiya, considered an auspicious day to buy gold in India, has further boosted domestic demand for the precious metal.
Looking ahead, experts predict continued upward momentum in gold prices. Religare Broking highlights the various triggers that fueled gold prices in the previous year, including geopolitical tensions, central bank manoeuvres, and fluctuations in the dollar index. They anticipate gold prices to reach unprecedented levels, with estimates ranging from ₹80,000 to ₹85,000 per 10 gm in the upcoming Akshaya Tritiya.
While gold remains a popular investment choice, some experts advocate for silver as a potential outperformer in the longer term. Motilal Oswal’s research suggests that silver could outshine gold in the coming years, with both metals experiencing notable year-to-date increases.
Despite the recent surge in gold prices, experts believe there is still room for further upside, making it an attractive investment option for long-term investors. For those considering entering the market, an entry-level of ₹69,000 to ₹69,500 per 10 gm on MCX is recommended as a good starting point.
