+28.1%, is the impressive performance of gold in the first 9 months of the year in US dollars & +42.3% is the even more impressive year-on-year performance as of the end of September. Ronnie Stoeferle, Precious metal analyst, Switzerland casted 5 Reasons in the favour, why the gold rally is not over yet!
He said,
1: Adjusted for inflation, gold is not yet at its all-time high,
2: Demand for gold remains high,
3: Interest rate cuts boost the gold price,
4: Demand from private and professional investors remains very low & 5: Geopolitical tensions remain high.
In the row of the gold rally is not over yet, Colin Shah, MD, Kama Jewelry said, gold at near all-time high! He said, “Gold prices touched a new high of over Rs. 78,000/10 gm in the domestic market. The bullishness in gold prices is largely driven by the robust festive demand from jewelers and traders ahead of Dhanteras and Diwali.
India is the second largest consumer of gold in the world, after China. Now that the country is already gearing up for Diwali, we expect the demand for gold to remain upbeat compared to last year, with demand witnessing a 10-15% (YoY) rise. In terms of prices, we anticipate the prices to hit a new level around this festive year.
The trends in the international markets however seemed weak where Comex gold was trading over the $2,660 level as the USD rose to a 2-month high.”
Ronnie Stoeferle said, “Widely, with a value of 61 as of October 10, the Fear and Greed Index for gold is just outside the greed range. In view of the enormous price rally over the past 12 months, a noticeable correction cannot, therefore, be ruled out. However, there are numerous fundamental reasons to believe that gold will continue to rise even after a setback.
After all, at the beginning of 2024, gold successfully broke out of the cup-and-handle formation that had formed since 2011. With a gold price of just over USD 2,600 at the end of September, the gold price has reached the year-end forecast of our Incrementum Gold Price Forecast Model for 2024.
We presented this model for the first time in the In Gold We Trust Report 2020 and have since updated it in every subsequent In Gold We Trust report.
Given the further deterioration in economic and (geo) political conditions, the model’s price target of just over USD 4,800 by the end of 2030 will be considered a conservative projection. Against this background, even gold, which became significantly more expensive last year, is still cheap.”
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