The Kalamkar

Gold Prices: Important update for those who buy and sell gold, experts told in how many days the rates will reach above 1 lakh

Gold and silver provide liquidity as well as protection from inflation. Sayyam Mehra, President of All India Gem and Jewellery Domestic Council (GJC) and Vice President Rajesh Gokhale have shared information on the prospects of these precious metals for investors. They feel that the prices of gold and silver are going to remain high due to many reasons. Let us know about it in detail.

Screenshot 2024-06-16 112043

Gold and silver have always been considered safe investment options for investors. Especially when there is turmoil in the economy. This is because these metals have their own importance. Investing in gold and silver also reduces the fear of inflation and falling rupee value. Keeping gold and silver in your portfolio gives the benefit of diversification. 

This reduces the risk of investment. The reason is that you invest in different types of things. When there is uncertainty in the market, gold and silver are considered safe investments. They are also sold easily. 

Recently, All India Gem and Jewelry Domestic Council (GJC) President Sayyam Mehra and Vice President Rajesh Gokhale shared their views on these precious metals in a conversation with a news channel.

Expressing his opinion on gold, Mehra said that elections are being held in more than 50 countries across the world. Markets can go down due to global tensions. 

He said that despite these problems and the decision of the US central bank Federal Reserve not to reduce interest rates, gold rates did not decrease. Mehra believes that the fundamentals of gold are very strong internationally. He said that gold purchases in India are about 800 tons. Whereas internationally it is about 4,500 tons.

Gold prices likely to remain bullish

Mehra said, 'I think that despite the rising prices, the purchases are not decreasing. Consumer confidence is increasing. In the coming time, it is expected that the price of gold will reach $ 2,600 - $ 2,800 or Rs 78,000 to Rs 80,000. 

Then in the next two to two and a half years, the price of gold will reach Rs 1 crore per kilogram. I do not think that gold will remain limited to 2,285 or 2,250.' Mehra believes that in the long term, there is a high possibility of an uptrend. The possibility of a downtrend is very low.

Speaking on the global scenario, Mehra said that de-dollarisation is a factor that is evident across the world. For example, if you look at China and Russia during the Russian war, it was seen that Russia is now investing in gold instead of dollars. If China wants to become strong, it will have to invest in gold.

Mehra said that India brought back 100 tonnes of gold from England so that it can feel secure. If any international geopolitical tension arises, India can also feel secure on its part. India has 822 tonnes of gold in its reserves. In the coming time, it will go above 1,000 tonnes.

Silver prices will also shine

On the other hand, Rajesh Gokhale said that the price of the white metal is also shining. Gokhale believes that silver is still much less than the increase it should have been in the ratio of gold. But, there is a lot of possibility of a significant increase in its use in the coming days.

Gokhale explains that one reason is that silver is used extensively in utensils. In our country, women use silver in everything from anklets to toe rings and hair ornaments. Even today, silver is used the most in both urban and rural areas. Silver is now being used in many components of electric vehicles.