Right now gold and silver prices are volatile. Gold and silver prices on Tuesday recorded significant declines as markets remain volatile in the first two weeks of 2024. Today, silver prices are marginally lower while gold prices are significantly lower.
In Delhi, 24 carat gold fell by Rs 220 per 10 grams. In Delhi on Thursday, 22 carat gold was priced at Rs 57,950 per 10 gram and Rs 63,200 per 24 carat. In December 2023, gold prices recorded a steady increase. Observers point out that even if the price falls temporarily, the price of gold may rise.
Plus founder Veer Mishra points out that there can be temporary volatility due to global and local factors. Demand for loans against gold is also expected to increase significantly in 2024 as gold prices are likely to continue to rise. In MCX, prices are expected to rise to Rs 57,000 to Rs 67,000 per 10 grams in the long run. There is a commensurate rise in silver prices as well. Observers suggest that even if the price falls temporarily, gold is likely to break records in the new year.
Gold is also important in many investors’ portfolios now. Gold is an asset that helps in ensuring easy liquidity in times of emergency. Gold had given a gain of up to 13 percent last year. Observers suggest that the price of gold is likely to be in the range of $2,030 to $2,060 in the near term. Similarly, gold prices on MCX are expected to trade between Rs 62,400 to Rs 63,200 per 10 grams.