• About Us
  • Feedback
  • RSS Feed
  • Privacy Policy
  • Disclaimer
  • Sitemap
Odisha News, Odisha Breaking News, Odisha Latest News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News
Home Business

Gold Set To Touch Rs 68,000 In FY24, Prices Go Up On Friday

OMMCOM NEWSbyOMMCOM NEWS
March 31, 2023
in Business
Gold prices

Chennai:  Gold prices on Friday — the last day of the week and FY23 — went up with the investors booking profits. The yellow metal is expected to give a return on investment (ROI) of 10-15 per cent in FY24, experts said.

Gold prices in last FY23 have jumped a massive Rs 8,000 in domestic markets from Rs 52,000 to Rs 60,000 which is a 15 per cent return, beating all other asset classes, said Jateen Trivedi, Vice President, Research Analyst, LKP Securities.

Trivedi said gold still looks lucrative in terms of ROI from a safety perspective where the inflation still remains high globally and interest cycle which is yet to ease, will also provide the push needed for gold to run and give 10-15 per cent return in coming FY24.

“The prices can easily touch Rs 66,000-68,000 on base case performance before we reach the FY24 end next year. On the back of weak and uncertain performance in risky assets it is strongly advised to remain invested in gold for further 10-15 per cent returns on base case and 15-20 per cent on bull case scenario,” he added.

Meanwhile, on the increase in gold prices on Friday, Navneet Damani, Senior Vice President, Commodity Research, Motilal Oswal Financial Services, said gold and silver prices witnessed profit booking after gaining by more than 1 per cent, on the back of a steady dollar.

“Broader trend on COMEX could be in the range of $1,970-1,995 (per troy ounce) and on domestic front prices could hover in the range of Rs 59,500-60,300 could be expected,” he said.

“Gold prices moved higher on previous session after weaker US macro data, US GDP for the fourth quarter of 2022 fell slightly lower, from 2.7 per cent to 2.6 per cent, while weekly jobless claims higher than forecasted,” said Saumil Gandhi, Senior Analyst — Commodities, HDFC Securities.

According to the analyst, for this month, Comex gold is up more than 7 per cent bolstered by safe haven demand after the banking-industry turmoil and concerns that the US economy may tip into recession.

“Now investors focus will be on today’s US PCE (personal consumption expenditure) price index data which is consider fed’s (US Federal Reserve) preferred tool for reviewing inflation trend,” Gandhi said.

He said gold prices could rally further if PCE price index data will come lower than or in line with market forecast.

Comex spot gold is having support at $1,955 per ounce and resistance at $2,010 per ounce.

MCX Gold June future has support at Rs 59,480 per 10 gram and resistance at Rs 60,340 per 10 gram.

(IANS)

Tags: Gold prices
Previous Post

How Trump’s Indictment Will Play Out In Court

Next Post

Odisha Assembly Adjourned Sine Die 6 Days Ahead Of Schedule

Related Posts

Business

Asiana Stops Selling A321-200 Emergency Seats After Man Opened Door Mid-Air

May 28, 2023
Business

Global EV Market Reaches 11 Mn Units In 2022, China’s BYD Leads

May 28, 2023
Business

China PC Market Suffers 24% Decline, Lenovo Leads

May 28, 2023
Business

IPL Teams Give Phenomenal Returns Compared To Stock Market

May 27, 2023
Business

Tesla Model Y Becomes 1st EV To Earn World’s Best-Selling Car Tag

May 27, 2023
Business

Adani Group’s Thiruvananthapuram Airport Goes Hi-Tech With Six e-Gates

May 26, 2023
OMC

Related Posts

Business

Asiana Stops Selling A321-200 Emergency Seats After Man Opened Door Mid-Air

May 28, 2023
Business

Global EV Market Reaches 11 Mn Units In 2022, China’s BYD Leads

May 28, 2023
Business

China PC Market Suffers 24% Decline, Lenovo Leads

May 28, 2023
Business

IPL Teams Give Phenomenal Returns Compared To Stock Market

May 27, 2023
Business

Tesla Model Y Becomes 1st EV To Earn World’s Best-Selling Car Tag

May 27, 2023
Business

Adani Group’s Thiruvananthapuram Airport Goes Hi-Tech With Six e-Gates

May 26, 2023
Next Post

Odisha Assembly Adjourned Sine Die 6 Days Ahead Of Schedule

Ram Navami Clashes: Bengal Guv Summons Chief Secy After Call From Shah

Passenger Motor

Date For Mandatory Fitness Testing Through Automated Stations Extended To Oct 1, 2024

  • About Us
  • Feedback
  • RSS Feed
  • Privacy Policy
  • Disclaimer
  • Sitemap

© 2022 - Ommcom News. All Rights Reserved.

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2022 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist