Gold Price Prediction: ₹2 Lakh Mark in Sight? Experts Share Insights

New Delhi (The Uttam Hindu) : Gold prices continued to rise yesterday. Gold and silver are both setting new records daily. By 3 p.m., the price of 24-carat gold reached ₹1,09,410 per 10 grams on the MCX, while at the India Bullion and Jewelers Association (IBJA), it was recorded at ₹1,10,167 per 10 grams.

Jefferies' bold prediction:

American financial institution Jefferies has claimed that gold prices could surpass ₹200,000 per 10 grams in the near future. The institute says that given current technological and economic trends, gold prices could reach ₹205,244 per 10 grams.

According to the report, which draws predictions from historical comparisons, gold was at the peak of the bull market in January 1980, when its price equaled 9.9% of US per capita disposable income. At that time, US per capita income was $8,551, and the price of gold was $850 per ounce. Today, US per capita disposable income is $66,100, and the price of gold is $3,670 per ounce, representing approximately 5.6% of income. Jefferies estimates that if this ratio reaches 9.9% again, gold prices could reach $6,600 per ounce, which would translate to approximately ₹2.05 lakh per 10 grams in the Indian market.