Buy gold, soon its price will be 81,000 rupees per tola, who made such a big claim? Know here

New Delhi. Gold is currently trading near its all-time high. After the government reduced the custom duty in India, the price of gold fell drastically, but it increased again within a month. Internationally, big investors and big investment banks are also seeing a safe future in gold. Goldman Sachs has advised investors to keep faith in gold in the coming times and make it their first choice. Gold should be seen as a strong protective shield against economic uncertainties. Goldman believes that gold prices are going to rise soon.

An important reason behind this prediction is that the US Federal Reserve may cut interest rates in the near future. These cuts may increase the flow of Western capital into the gold market, which was not seen fully during the recent surge in gold prices.

Also read – If Indians want, they can buy all the gold in America right away, there is 3 times more gold lying in homes

“A near-term Federal Reserve rate cut would bring Western investment back into the gold market, which was largely absent during the sharp gold rally seen over the past two years,” Goldman Sachs analysts said in a note titled ‘Go For Gold’.

Spot gold has already risen 21% this year and touched an all-time high of $2,531.60 an ounce (Rs 2,12,549.09 per 28 grams / about Rs 75,910 per 10 grams) on August 20. In view of this rise, Goldman Sachs has raised its gold price target to $2,700 (Rs 2,26,687.68 per 28 grams / about Rs 80,959 per 10 grams), and expects this level to be reached by early 2025 instead of the end of 2024. According to data available on Google, the price of gold in Delhi on September 2 was Rs 73,395 per 10 grams.

China will not let it fall
One reason for this change is the price-sensitive nature of the Chinese market. Goldman also believes that if there is a major fall in gold prices, it will again increase purchases from China, which will act as a protective shield against the fall in prices. He said, “We believe that the same price-sensitivity provides a kind of insurance against a major fall in gold prices, which will likely boost Chinese purchases again.”

Also read – 2000 rupee notes have not been discontinued, Reserve Bank gave important information, if you also have them then what to do now?

In contrast, Goldman is more cautious about other commodities. For example, the bank expects oil prices to rise only modestly, as the deficit narrows this summer and a slight surplus is expected in 2025. Goldman’s cautious stance also applies to metals like copper and aluminum, where it has lowered price targets and delayed forecasts due to demand-supply issues.

In addition, Goldman has temporarily halted its coverage on zinc and has a negative stance on nickel. In summary, in the current economic environment where Goldman Sachs sees challenges in various commodity markets, it considers gold as a safe bet for investors.

Tag: Gold, Gold ETFs, Investing in Gold, gold price, gold price news