Gold is also an attractive affair in India, and no weddings occur without its presence. The bride and groom are adorned in gold, even if it’s a basic chain, ring, earrings, and bracelets, among other things.
Gold prices are skyrocketing this month, hitting a high of $2,637 during Tuesday’s opening bell. The precious metal nearly surged double digits in the charts, attracting heavy bullish sentiments.
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IANS reported that around 3.5 million weddings are set to be hosted from November to December 2024 in India. As couples’ families go on a buying spree, the purchase of gold could peak across the country, pushing the prices much higher in the coming months.
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India Could Push Gold Prices Much Higher By the End of 2024 As Wedding Season Begins
Several leading investment banks, such as Goldman Sachs, UBS, and JP Morgan, have predicted a bull run from now until 2025. The prediction comes on the heels of the 3.5 million weddings scheduled in India. Goldman Sachs recently published a report to its clients forecasting that gold prices could hit $3,000 in 2025.
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Retail investors in India, institutional funds, and central banks of emerging economies are massively accumulating gold since 2022. The precious metal has surged nearly 28% year-to-date and is among the top-performing assets in the commodity markets.
The Confederation of All India Traders (CAIT) published data showing that Indians could spend $66.4 billion in the coming wedding season. Gold could be at the top of the table in India, as it coincides with cultural and investment purposes. “Sectors such as retail, hospitality, jewelry, and automobiles see substantial benefits from this increased demand. Contributing factors include economic stability, low inflation, supportive government policies, and evolving consumer preferences,” the findings showed.