Gold market forecasts by experts at Kamakhya Gold Outlook 2024: Prices expected to reach USD 3,000 to USD 3,200 

Industry leaders gathered at the Jio Convention Centre for the second Kamakhya Gold Outlook event, organized by Kamakhya Jewels, to discuss gold market forecasts amidst record high prices 

Mumbai: 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 event, an initiative by 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 attendees freely conversed. 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, 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, Prithviraj Kothari, the Managing Director of Ridhi Sidhi Bullion Ltd. (RSBL) & President of the Indian Bullion & Jewellers Association (IBJA) and Surendra Mehta, National Secretary, IBJA, forecasted prices to reach USD 3,000, while Kishor Narne, Executive Director at Motilal Oswal projected the highest at USD 3,200. 

Discussions also covered sector-specific concerns and opportunities. 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. Suvankar Sen, MD of Senco Gold and Diamonds, emphasised the need for better hedging strategies considering anticipated price volatility. B.A. Ramesh, Joint Managing Director, Thangamayil Jewellery Ltd. highlighted the importance of creating more customer buying opportunities. Meanwhile, 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 Manisha Gupta, Commodity Editor, CNBC Awaaz & Mrityunjay Jha, Commodity Editor, Zee Business. 

Participants expressed their gratitude for the invaluable insight. 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

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