Gold has seen a stellar rally this year delivering over 20% returns, which is higher than the benchmark indices such as Nifty 50 and S&P 500. This is the third consecutive year wherein gold has delivered returns in double digit. In terms of CAGR growth, the yellow metal has provided nearly 10.5% of CAGR growth in a decade, said, Colin Shah, MD, Kama Jewelry.
Further, the key reasons driving this rally of gold can majorly be attributed to the prolonged geopolitical tensions in the Middle-East and between Russia-Ukraine which again escalated in H2 2024. This boosted the long term appeal of the yellow metal, which provided support to its prices. Another reason is the anticipations pertaining to rate cuts by Fed, which further added sheen to the yellow metal.
As we enter the New Year, we expect the robust rally of gold to continue in 2025. The geopolitical tensions will continue to push gold prices upwards. However, stronger USD may pull gold prices downwards. For Comex gold, the level of USD 3000 is still on the cards, whereas for MCX, it is expected to hit the level upwards of INR 85,000, Colin Shah added.
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