Gold: There are many reasons for the rise in gold prices since January 2024. Central banks around the world bought 64 tonnes of gold in January-February. China increased its gold reserves by 12 tonnes in February. RBI bought 8.7 tonnes of gold in January, the highest in two years. Gold is constantly making new records. Its prices have increased by 14.75 percent since January this year. On January 1, 2024, gold closed at Rs 63,920 per 10 grams, while on April 12 it reached an all-time high of Rs 73,350. Gold, which is safe in terms of investment, has become costlier by Rs 1,700 in the last four trading sessions. Gold: Gold continues to create new records, 14.75 percent rise from January till now Kalicharan, Amar Ujala Published by: Nirmal Kant Updated Mon, 15 Apr 2024 04:59 AM IST Summary Gold: There are many reasons for the rise in gold since January 2024. Central banks around the world bought 64 tonnes of gold in January-February. China increased its gold reserves by 12 tonnes in February. RBI bought 8.7 tonnes of gold in January, the highest in two years. Gold continues to create new records, 14.75 percent rise from January till now Gold – Photo: ANI (File) Reactions1 1 Detail Follow Us Gold continues to create new records. Its prices have risen by 14.75 percent since January this year. On January 1, 2024, gold closed at Rs 63,920 per 10 grams, while on April 12 it reached an all-time high of Rs 73,350. Gold, which is safe from investment point of view, has become costlier by Rs 1,700 in the last four trading sessions.
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Ajay Kedia, director of Kedia Advisory, said, looking at the global situation, gold is expected to remain bullish. It can give more than 20 percent return this year. However, the risk also remains. Gold gave 18 percent return in 2023-24. Can touch the level of 80,000
Kedia says that gold always rises during war. After Russia-Ukraine and Israel-Hamas, now there is an atmosphere of tension between Iran-Israel. If the Middle East countries are fully involved in this war and the tension continues for a long period, then gold in the international market can reach $ 2,700 an ounce by the end of this year, while in the domestic market it can touch the level of 80,000. Gold is currently close to $ 2,388 an ounce in the international market.
That’s why the shine is increasing
There are many reasons for the rise in gold since January 2024. Central banks around the world bought 64 tonnes of gold in January-February. China has increased its gold reserves by 12 tonnes in February. RBI bought 8.7 tonnes of gold in January, which is the highest in two years. Big investors have also made huge purchases. Gold has also got support in view of the volatility in global markets, rise in crude oil and the possibility of interest rate cuts.
What next…waiting is a better option
Kedia said, investing is good only when there is peace in the markets. There is a risk environment at this time. The growth shown by gold till now is difficult to sustain for a long period in normal conditions. Therefore, it would be a better option to wait for now.
Invest only 5% of your portfolio in gold
There is no sign of a downward trend in gold prices right now. In such a situation, you can invest in it for a long period. Keep in mind that instead of physical gold and gold ETF, invest in sovereign gold. It gives interest along with returns. Considering the current growth and future risk, as an investor, buy only 5% of your portfolio in gold.
-Rishikesh Palve, Director Anand Rathi Wealth Ltd.
