Gold Price Surge 2024: Expert Insights on Future Trends & Investment Advice.
Gold prices are reaching new highs daily, leaving investors wondering whether to buy now or wait for a dip. Renowned financial expert Anand Srinivasan shares his insights on the future of gold prices, the impact of global economic trends, and whether investing in gold is a smart move in 2024. Read on to learn about market predictions, factors driving price hikes, and expert advice for investors.
Chennai: Gold prices continue to hit new highs daily, raising concerns among buyers about whether to purchase now or wait for a price drop. In this context, renowned economist Anand Srinivasan has provided insights into the current situation and whether buying gold at this moment is the right decision.
Gold prices have been consistently rising for the past few months, reaching record levels almost every day.
Gold Price Surge
Yesterday, in Chennai, the price of 22-carat gold was ₹7,944 per gram, while 24-carat gold had already touched ₹8,666. With such an increase, people are wondering whether prices will drop or continue to rise in the coming months.
Economist Anand Srinivasan’s Analysis
In his YouTube channel, Anand Srinivasan explained, “Gold has skyrocketed. I would say gold prices are rising like a rocket, but at this point, if there is anything faster than a rocket, I would use that analogy. The price of 22-carat gold, including tax, has already reached ₹8,200, and if purchased as coins, it could go up to ₹8,500.”
He also predicted that prices might rise further by ₹350, pushing 22-carat gold to ₹8,250 without tax, and with making charges, it could reach ₹9,000. Meanwhile, 24-carat gold has already surpassed ₹8,500, and buying gold coins could cost ₹9,000 or more.
Why Are Gold Prices Rising?
Interest Rates in the U.S.: The U.S. Federal Reserve's high interest rates are currently affecting global markets. If the interest rates begin to drop, gold prices will rise even further.
Donald Trump's Influence: Srinivasan pointed out that former U.S. President Donald Trump's policies are also affecting gold prices. His controversial economic statements, such as planning to buy the Panama Canal or Greenland, are creating uncertainty in global markets.
U.S.-China Trade War: The trade war initiated by Trump between the U.S. and China has further impacted global gold prices.
Rupee Depreciation: Srinivasan predicted that by the end of this year, the Indian rupee could weaken to ₹92–₹95 per U.S. dollar, which would result in an increase in gold prices in India, even if international gold prices remain stable.
Investment Advice
While gold prices are expected to rise further, Srinivasan cautioned that this is general market information and should not be considered financial advice. It is recommended that stakeholders seek guidance from financial professionals before finalizing any investment choices.
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