Price of Gold in Domestic Market May Shoot Up By The End of 2022: Experts

Inflation, global prices, and the Russia-Ukraine war have increased the price of gold in the domestic market. India Bullion and Jewelers Association quoted the rate of 24-carat gold as Rs 50,4800 on October 31 and saw an increase up to Rs 50,522 per 10 grams by November 4. If you want to buy gold during this current trend, continue reading the article further. Various experts have indicated different time zones for an increase in gold prices.

Ajay Kedia, Kedia Advisory’s MD, said, “By the end of this year, the price of gold can go up to the level of Rs 52,000.” He has further reflected on optimism about global and domestic trends. Ajay said a pattern between the Dollar and gold is observed by the market analysts. When the Dollar is strengthened, the price of gold reduces; a weakened Dollar increases the price of gold in the market.

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The dollar index fell from about 113 levels to below the 111 mark hence, gold prices have recovered. They claimed that the US Fed’s comments were more hawkish than they had anticipated and dashed expectations of a change in their tightening intentions.

This drove the dollar closer to the 113 level. However, China implemented a Zero Covid policy. According to them, gold prices are currently between $1,620 and $1,685 per ounce. If the top band is breached, the price per ounce might increase to $1,710.

To quote Ajay Kedia, “Despite a 75 bps rate hike by Fed gold and silver is trading positive, no doubt there has been a recovery in the Dollar index in the recent sessions but it’s still below its previous highs. Apart from this, there are ongoing geopolitical tensions and although the physical demand has been affected, futures have witnessed an upward momentum.”

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