Gold witnessed a decent rally since the 2024
Resilient physical gold demand played a major role in rally At the juncture of festive season, Colin Shah, MD, Kama Jewelry share Gold Outlook for the remainder of 2024! He said, Gold witnessed a decent rally since the beginning of this calendar year. The price of yellow metal witnessed an upside in the domestic market especially after the outbreak of the geo-political tensions in the Middle East, triggering volatility in prices around the mid-year. However, the prices saw some correction soon after the announcement of the customs duty cut in the union budget wherein the prices saw a drop of ~5% and the momentum soon gathered pace after this upside where prices hovered near a new all-time high range. The factors that played a major role in this rally is strong official sector buying coupled with resilient physical demand which provided structural support that lifted gold’s trading range and also has the potential to continue till the rest of the year. Another fac