Gold expected to move much higher in 2024: Emkay Wealth Management

The price of gold is expected to test levels from $2060 to $2090, and on any correction, if 2035 holds, the prices may target 2115 level in the current up-move, as per Emkay Wealth Management.

According to Emkay, the geo-political developments are crucial for the markets as the demand for US Dollar assets, and therefore, for US Dollar, in the immediate term, will be determined by some of these exogenous factors. 

“The rise in US rates was the factor that prevented any upside for gold or rather limited it for almost one year now despite the high global inflation. The yellow metal has boomed from the lows seen in the last six months to levels above US$ 2000, and currently, it is perched at 2050 level,” Emkay report stated. 

The boom was possible with the depreciation of the US Dollar against other currencies, and the fall in the Dollar Index, both of which were possible due to the market’s perception that the US interest rates and more specifically the US official rate policy could turn soft very soon. 

Few weeks back, gold prices in the international market went up at an all-time high level of $2100 an ounce. Analysts and experts believe that prices will go up even further.