KAMAKHYA GOLD OUTLOOK 2024: GOLD PRICES ARE LIKELY TO TOUCH USD 3000 TO USD 3200 – EXPERTS

17th May 2024

The second edition of the Kamakhya Gold Outlook event took place on May 17 at the Jio Convention Centre in Mumbai, coinciding with new all-time highs in gold and silver prices in India. This prestigious event, an initiative by Mr Manoj Jha, CMD of Kamakhya Jewels, aims to unite industry leaders for an in-depth discussion on the gold market and price forecasts for the upcoming year; the main intent was to guide the industry, particularly Small and Medium Enterprises (SMEs), on navigating the gold price market and preparing for future trends

The event featured a sit-down dinner where conversations flowed freely among attendees. Market leaders shared their insights, predicting a volatile year ahead for gold prices, with expectations ranging from USD 2,100 to USD 3,200 per ounce. If international tensions were settled, Mr Manoj Jha anticipates a correction, with prices potentially falling below USD 2,200 after initial market adjustments. If the situation worsens, he foresees the rates reaching about USD 2,500. Notably, Mr Prithviraj Kothari, the Managing Director of Ridhi Sidhi Bullion Ltd. (RSBL) & President of the Indian Bullion & Jewellers Association (IBJA) and Mr Surendra Mehta, National Secretary, IBJA forecasted prices to reach USD 3,000, while Mr Kishor Narne, Executive Director at Motilal Oswal projected the highest at USD 3,200.

Discussions also covered sector-specific concerns and opportunities. Mr Sachin Jain, Regional CEO of the World Gold Council, India projected gold imports to reach 700-800 tons this year, even amidst record-high prices. Mr Suvankar Sen, MD of Senco Gold and Diamonds, emphasised the need for better hedging strategies in light of anticipated price volatility. Mr B.A. Ramesh, Joint Managing Director, Thangamayil Jewellery Ltd. highlighted the importance of creating more customer buying opportunities. Meanwhile, Mr Chirag Sheth of Metals Focus urged viewing gold as a wealth creator rather than merely an investment or asset class. The event witnessed the presence of experts from varied sectors such as Bankers, Analysts, Brokers, Financial Institutions, Exchanges, Bullion Dealers, Small-Medium-Large Retailers, Manufacturers from across India and Media; it provided a platform for sharing knowledge on issues such as taxation and other regulatory measures. The knowledge session was moderated by Ms Manisha Gupta, Commodity Editor, CNBC Awaaz & Mr Mrityunjay Jha, Commodity Editor, Zee Business.

The Kamakhya Gold Outlook 2024 was deemed a resounding success. Participants expressed their gratitude for the invaluable insight; they extended special thanks to Mr. Manoj Jha, for introducing this vital gathering. Attendees emphasised that such events are essential for addressing industry challenges and seizing new opportunities. By sharing knowledge and perspectives, the industry strengthens its collective ability to navigate the future. Attendees look forward to the continuation of this tradition, recognising that these discussions are crucial for the sustained growth and innovation of the gems and jewellery industry.

About Kamakhya Jewels:

Kamakhya Jewels is a leading name in the jewellery industry, committed to excellence and innovation. With a rich legacy of craftsmanship and a forward-looking approach, Kamakhya Jewels continues to set benchmarks in quality and design.