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Gold Return In 2024: There has been a lot of weakness in the stock market in recent times. On the other hand, gold has reached its historic high level. That is, the bullion market is booming. On Friday, just before Diwali, gold crossed the level of Rs 77,000 per 10 grams. The December contract of gold on MCX reached a new high level of Rs 77,839 per 10 grams due to the rise in the foreign market and increasing demand before the festivals. With this, gold has surpassed Sensex-Nifty in terms of returns so far in 2024.
Sensex-Nifty returns against gold
Talking about the returns of bullion vs equity so far in 2024, bullion i.e. gold and silver have outperformed the equity market. According to the data, gold has given a return of more than 22 percent in 2024. From last Diwhastill now, its return has reached almost 30 percent.
On the other hand, the BSE Sensex has gained around 12.50 per cent so far in 2024. The Nifty 50 index has gained 14.35 per cent in the same period. Silver prices have also gained over 20 percent so far in 2024.
Which factors are important
On the percent, of the rise in gold prices, Vinod Nair, Research Head, Geojit Financial Services, said that geopolitical tensions and uncertainty ahead of the US presidential election have paved the way for gold to reach new record highs.
How far can gold go ahead?
According to Jatin Trivedi, Vice President Research Analyst - Commodity & Currency, LKP Securities, ET Now reports, gold prices have risen as Comex gold moved above $2,720. This strength is largely driven by expectations of interest rate cuts in the US, with further cuts expected in the near future.
He said that the price of gold may remain bullish in the coming days and it is likely to reach Rs 78,500. On the short level is seen around Rs 75,000, which will provide a strong base for any short-term decline.
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