Gold Prices India, Election: One 10-Gram 24-Carat Gives Massive Rs 37,490 Returns In 5-Yrs; BUY?

The second phase of polling of Lok Sabha Election 2024 has kickstarted from April 26, and gold prices in India are shining bright! On Friday, 100-gram of 24-carat rose massively by Rs 4,400, while 10-gram in the same carat surged by Rs 440. Gold prices have given breathtaking returns since 2019 when the saffron party won the Election for the second time in a row. One 10-gram 24-carat bought 5 years, ago has now given returns of over Rs 37,490 as of now.

Gold Prices India, April 26, 2024:

The yellow metal is up by Rs 44 to Rs 4,400 across grams of 24-carat. 10-gram is up by Rs 440 to Rs 72,710, while 100-gram surged by Rs 4,400 to Rs 7,27,100 compared to the previous day. Also, 1-gram and 8-gram are up by Rs 44 and Rs 352 to Rs 7,271 and Rs 58,168 compared to the previous session.

Further, 22-carat has surged by Rs 40 to Rs 4,000 in a single day. 10-gram jumped by Rs 400 to Rs 66,650, while 100-gram jumped by Rs 4,000. Also, 1-gram and 8-gram of gold is up by Rs 44 and Rs 352 to Rs 6,665 and Rs 53,320 from the previous day.

Meanwhile, 18-carat gold surged by Rs 33 to Rs 3,300 on Friday. 10-gram is up by Rs 330 to Rs 54,530, while 100-gram surged by Rs 3,300 to Rs 5,45,300. Further, 1-gram and 8-gram are up by Rs 5,453 and Rs 43,624 compared to the previous day.

Also, MCX gold prices with the expiry of June 5, 2024, surged by Rs 179 or 0.25% to Rs 71,393. The day's range is about Rs 71,457 to Rs 71,212 in 10 grams.

Gold Prices India Performances:

Gold prices in India are up by 5% in April month so far. This is nearing the gains of over 8% recorded in March 2024. In January and February this year, gold prices were down by 1% each.

But 5 years ago, 1 one of 10-gram in 24-carat, was averaged to around Rs 35,220 in 2019. Since then, 24-carat gold has skyrocketed by a whopping Rs 37,490 as of April 26, 2024.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Market sentiment remains optimistic, with focus on the upcoming US PCE Price Index data scheduled for Friday, April 26. This data release is anticipated to provide further clarity on the direction of gold prices."

The latest data from the Gem & Jewellery Export Promotion Council (GJEPC) revealed that for FY24, exports of Plain Gold Jewellery surged by an impressive 61.72% to US$ 6792.24 million as compared to US$ 4199.96 million in FY 2022-23.

As per the data, total Gold jewellery (plain & studded jewellery), which experienced a 10.47% decline between April 2023 to September 2023, rebounded strongly in the latter half of the year, achieving a growth of 46.91%. The UAE emerged as a significant market for plain gold jewellery exports from India, experiencing remarkable growth of 107.2% to reach USD 4,528.66 million in FY 2023-24, compared to USD 2,185.67 million in the previous year. Markets of UAE & Bahrain accounted for over 85% of India's plain gold jewellery exports

Earlier, Vaishali Parekh, Vice President - of Technical Research at Prabhudas Lilladher said, "Currently with the geo-political tensions looming around, the yellow metal is anticipated to gain further in the coming days with near-term targets of 73200 and 75300 levels. The near-term support would be maintained near the 70200 zone as of now."

Disclaimer: The recommendations made above are by market analysts and are not advised by either the author or Greynium Information Technologies. The author, the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns. in advises users to consult with certified experts before making any investment decision.