Gold Rate Forecast / Prediction for Today, Tomorrow, Next Months & Years

For centuries, gold has been revered as a priceless yellow metal because of its radiance and grandeur. Around 640 B.C., gold coins made their first appearance. Nearly a century later, under King Croesus of Lydia’s reign, the first real gold coins entered circulation.

Gold Rate Forecast for Today – 10 Gram of Gold in INR

The gold rate for today is ₹ 72,270 Rs. for 10-gram 24-carat gold with a change of -0.15%, you can check the highest & lowest gold rate prediction for today, and according to that, you can invest in gold.

08th May 2024

Gold Rate Forecast for Tomorrow (10 Gram of Gold)

09th May 2024

The predicted gold rate for tomorrow is Rs. ₹ 65,480 for 22-carat gold and Rs. ₹ 71,640 for 24-carat gold. The predicted change for 22-carat and 24-carat gold is quite little, at -1.10% and -0.78%, respectively. This gold price forecast has shown to be highly accurate and has made many gold investors and traders very wealthy.

Gold Rate Prediction for the Next 31 Days

In India, people view gold as more than simply a valuable metal. they also have strong emotional attachments to it. Gold is recognized to have some connection to practically every occasion, including weddings, anniversaries, births, deaths, and others. Among other things, a gift of gold is seen as both worthwhile and promising. Gold is also considered a safe and secure investment avenue for people of all types. Those who bought gold for a few years can quickly certify this fact as their gold’s value might have increased manifold. As compared to other investment channels like FDs, stocks, mutual funds, and others, an investment in gold tends to give better returns.

If you are looking to invest in Gold it is necessary to keep a close watch on the gold price trend. For example, you need to be aware of the historical rates of gold, current rates, and expected gold rates. All these elements come under the purview of gold rate forecast or gold rate prediction.

The precious metal’s recovery also takes clues from the upbeat RSI (14), not overbought, while paying little heed to the sluggish MACD signals.

Factors Influencing Gold Rates and Their Forecasting

There are lots of factors that have a say in the gold rate forecast. Some are the existing demand, global economic scenario, COVID status, inflation/interest rates, Russia-Ukraine war, money printing, and others. From the Indian context, gold rates vary from state to state due to local government’s rules and regulations. So, whichever region you are in, you can refer to that region’s local gold rates and gold rate prediction.

Please be aware that these gold prices are only indicative and that they might change. This estimate of the gold price in India aims to provide a general notion of gold price patterns in the near future.

Gold Rate Forecast for Top Cities in India – (10 Gram of Gold)

As mentioned, gold rates vary from city to city in India. So, below are the gold rate predictions for the top cities of India.

Gold Rate Forecast for 2024 (Month wise)

Below is the gold rate forecast for the year 2024. You can get the gold rate forecast for every month of 2024.

Gold Rate Forecast for 2024-25

Existing Gold Rate Condition in The Market

The extraordinary qualities of the material known as gold draw people’s attention for various reasons, including the strong demand for jewelry.

The transition brought about by its usage in coinage during the past century caused it to persist even in electronics, dentistry, the fashion sector, and medicine.

Market changes have a significant impact on price, distribution, and sales. Investment-grade gold experiences financial difficulties in conventional markets but finally shows a consistent value rise.

Major Factors That Affect the Gold Rate Forecast in India

If you have been chasing the gold rates, you’ll notice that gold prices rise amid unstable geopolitical and economic conditions. For instance, a number of global, national, and local economic reasons have been driving up the price of gold over the past six months.

The ongoing conflict between Russia and Ukraine is among the major causes of this year’s rise in gold prices in India and worldwide.

Here are a few things to consider while trying to predict changes in the price of gold if you want to analyze gold.

The four major types of factors that affect the gold rate forecast are:

International Factors

Gold metal comes from different parts of the world with Switzerland being the top producer of gold followed by UAE and South Africa. Below are the four major gold factors that affect the price of gold.

Demand and Supply

The fundamental price of gold is determined by supply and demand; as demand increases, the price inevitably rises; and when supply does not keep up with demand, the price of gold increases sharply.

On the other hand, when supply and demand are in balance, prices often decline.

Inflation

Prices for gold and inflation are similar to two sides of the same coin. You might learn from your elders that the only kind of money that has value when prices are rising generally, or when there is inflation, is gold.

When there is inflationary pressure, individuals frequently transfer their cash into gold to prevent their currency’s value from declining.

The cost of gold rises as a result. Along with the Russian invasion of Ukraine, excessive inflationary pressure is also blamed for the current increase in gold prices.

Changes in Currency Value

Currency fluctuations are another factor in the variation of the gold price. This is also a significant factor in the current increase in gold prices.

Over the past several months, the rupee’s value has fallen against the US dollar, contributing to the surge in gold prices. The rising price of imported gold is the cause of this.

Import Duty

Gold is mostly imported into India from foreign countries, hence changes in import tariffs are quite important. The cost of gold gradually rises in India as import duties rise.

Geopolitical Reasons

As already indicated, the conflict in the Russian Ukraine, tensions between China and India, and Taiwan, as well as other geopolitical crises, are all contributing to the increase in gold prices.

When there is economic and geopolitical unrest, people frequently purchase gold, which drives the price of the precious metal.

Long-term Factors

The price of gold in India is influenced by several long-term variables. If you wish to predict the price of gold, you must consider these elements and accurately assess their effects.

Relationships between various asset classes

One such thing that many people in the nation and throughout the world view as a safe haven is gold.

People, therefore, tend to invest in gold when other assets like equities, bonds, mutual funds, and FDs underperform.

Government Reserves

The gold reserve held by our central bank (RBI) is one of the main factors that affect gold prices over the long term.

The RBI also buys and sells gold using its reserve. The price of the metal rises when it tightens reserve requirements and purchases more than it sells, increasing reserves, and vice versa.

Rate of interest

The price of gold has been decreasing during the last two to three months, according to the graph above. Understand why? The nation’s rising interest rate in July brings this on.

In the last two to three months, the RBI boosted by a total of 140 basis points, making FDs and other savings plans profitable enough to lure investors away from gold and towards them. As a result, gold prices decline as interest rates rise and vice versa.

Short-term Factors

Some short-term factors affecting the price of gold are:

Market volatility

One of the highest prices for gold to date was reached during Covid-19 when it reached even Rs. 57000+. Uncertainties in the market are to blame for this sharp surge.

Everything was unclear during the epidemic, thus many sought to invest in things that would keep their worth.

Market collapse

Gold prices and stock market prices are negatively related. The other rises when the first one drops.

Gold prices have historically increased whenever there has been a market crash or a sharp decline in the value of the stock market.

People search for a sanctuary that is regarded as gold by the majority of people throughout the world for the same reason.

Regional Factors

Aside from global, long-term, and short-term factors, the local factors affecting the gold rates are –

Monsoon

This affects the price of gold because most buyers of gold in India are from rural areas. Yes, the initial price could be cheaper, but as more and more people acquire gold, demand rises and the price of the metal rises.

Because agriculture is the primary source of income for rural residents, the monsoon impacts the demand for gold in these areas. Therefore, a strong crop is a result of a good monsoon, and as a result, their income rises, increasing the demand for the price of gold.

Indian weddings and jewelry market

Gold and Indian weddings go hand in hand. Every Indian wedding still consists largely of gold jewelry.

Therefore, the demand for gold grows naturally during the wedding season, which once more raises the price of gold metal.

FAQs About Gold Rate Forecast