24-Carat Gold Price Prediction 2023 to 2024: Gold has been a portfolio diversifier in the long-term time frame as the returns in gold balance the overall risk-reward for any investor. According to an analysis by Angel One, the price of 24-carat gold is expected to reach Rs 68,000 per 10 grams by the next Akshay Tritiya.

“We expect gold prices (CMP: 60500/10gms) to move higher towards Rs.68000/10 gms till next Akshay Tritiya and investors are advised to accumulate on dips towards Rs.57000-58000/10 gms as an opportunity to accumulate the metal,” said the report by Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies at Angel One Ltd.

Naveen Mathur, Director, Commodities and Currencies, Anand Rathi Shares and Stock Broker said, “From Last Akshaya Tritiya to date the yellow metal has given 18 – 20% returns on MCX. Recessionary fears, Central Bank buying & Dollar weakness are the major factors that could enhance returns till the next Akshaya Tritiya, whereas gold is still expected to average in the range of Rs. 59,000 – 60,000/10 gm over and above Rs 51,058/10 gm average on MCX seen in 2022 providing 16 -20 % returns amid its safe-haven appeal. Meanwhile, expectations remain for Gold to trade in the range of $1870 – 2190 on Comex (CMP $1985/ounce) for 2023.”

Check: Gold and silver rates today in India

“On MCX we might expect prices to remain volatile over the remaining period as may likely test Rs. 64,500 – 65,000 per 10 gm on the higher side in futures contract ahead of next Akshaya Tritiya,” he added.

Gold has always been a go-to asset class for investors in times of uncertainty and if one wants to benefit from diversifying into gold, there are various ways to accumulate gold in India. These include physical gold, sovereign gold bonds, ETFs, and Gold mutual funds.

Should you buy Gold on Akshay Tritiya?

Mallya said that on the occasion of Akshay Tritiya (22nd April 2023), buying gold is considered to be auspicious and our advice to investors is to accumulate gold this festive season as the fundamental factors surrounding gold might reflect higher returns from a long-term perspective.

Prithviraj Kothari, CEO MD of RIDDISIDDHI BULLIONS LIMITED (RSBL), said as the US interest rate has risen 500 bps in the last year, the risk of crises, contraction, and recession has risen. In midst of all these crises, Gold and Silver have always outperformed other asset classes and have given double-digit returns historically.

“This time it’s a great coincidence of seven auspicious yog taking place on Akshaya Tritiya, so it is a very special and auspicious day for buying gold and silver. One should definitely buy precious metals on this Akshaya Tritiya in any form like a bar, coin, jewellery, utensil, Digital Gold/ Digital Silver, Gold ETF/ Silver ETF, Sovereign Gold Bond and through an exchange platform,” said Kothari.