Golden year! Yellow metal up 15% YTD; what's next?
Gold has touched all-time high levels of $2,151/Oz in international futures and touched record high levels past Rs 64,000/10 grams on MCX in early December.
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It has been a golden year for gold as it is headed for best annual performance since 2020. It is set for its third consecutive monthly gain and is up 15 per cent so far in 2023. Gold has touched all-time high levels of $2,151/Oz in international futures and touched record high levels past Rs 64,000/10 grams on MCX in early December.
Reasons for the rally:
-Softer dollar index, weaker benchmark US treasury yields support price gains
-Geopolitical tensions amid Ukraine and Middle East wars prop up safe haven appeal
-Expectations of Federal Reserve rate cuts in first quarter of 2024 contributing to the appeal
2024 Gold Outlook
JP Morgan
$2,300
UBS
$2,250
ANZ Research
$2,200
Nirmal Bang Comm
Rs 70,000
$2,400
Motilal Oswal
Rs 65,500
$2,200
Paradigm Comm
Rs 69,000
$2,300
HDFC Sec
Rs 67,000
$2100
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