Page 22 - Bullion World Volume 4 Issue 9 September 2024

Bullion World | Volume 4 | Issue 9 | September 2024

Price outlook on gold at IGC 2024

Chair: Ms Soni Kumari, Commodity Strategist, ANZ Research
Speakers: Macro / Fundamental Outlook
Ms Joni Teves, Commodity Strategist, UBS,
Technical / Astrological Outlook,
Mr Achal Abhishek, AGM, SBI (Bullion Branch)

Ms Soni Kumari, Commodity Strategist at ANZ
Research, observed that while gold has historically
been seen as the "currency of kings," recent price rallies
suggest that gold has now become the true "king of
currencies." This shift is particularly evident as debts in
developed markets continue to soar, and nations show
decreasing interest in USD-denominated assets. Gold's
debt-free nature makes it increasingly appealing in these
uncertain times, serving as a hedge against mounting
global debt and geopolitical instability.

Following the inflation shock in 2022, the Federal
Reserve implemented its most aggressive monetary
tightening in decades. Typically, higher interest rates put
downward pressure on gold prices; however, this period
proved to be an exception. Central bank purchases,
among other factors, contributed to gold not only
maintaining its value but also emerging as one of the
best-performing asset classes, reaching all-time highs.
As we move forward, I look forward to hearing from
the panellists who will provide both macro and micro
outlooks on gold's future trajectory.

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