Gold prices in India have recently hit record highs. With the festival and wedding season approaching, many buyers are unsure whether to buy jewelry now or wait for prices to drop.
However, several global brokerage firms predict that gold prices will keep rising, potentially increasing by as much as 229% over the next few years.
Why Are Gold Prices Rising?
The rise is driven by global uncertainty and the strong traditional buying habits of Indians.
Darshan Desai, CEO of Aspect Bullion & Refinery, says there will be ups and downs, but the ongoing demand for safe investment and global economic factors will continue to push prices up.
Aksha Kamboj, Vice President of Indian Bullion & Jewellers Association (IBJA), adds that it’s hard to predict the exact low point in the market.
She suggests people buy gold in small installments to avoid risks from sudden price drops.
Former IBJA President Mohit Kamboj notes that even if prices pause briefly, festival demand and safe investment needs will keep gold prices from falling significantly.
When to Buy Gold?
Soumen Bhowmick, Managing Director of CaratLane, explains that for Indians, gold is not just an investment but also tied to emotions and tradition. He says people tend to buy as soon as prices dip.
Mangesh Chauhan from Skygold & Diamonds suggests buyers can choose either lower-carat gold or 24-carat gold, balancing affordability and investment value.
Future Gold Price Trends
Gold currently trades around $3,650 per ounce. Rajul Kothari of Capital League expects prices to reach $3,700–$3,800 soon, though there may be a short-term 2–5% dip.
Here are forecasts from global institutions:
| Institution | Estimated Price (per ounce) | Possible Change |
|---|---|---|
| Bank of America | $3,650 | 0% |
| Citigroup | $4,000 | 9.6% |
| Goldman Sachs | $5,000 | 37% |
| Swiss Asia | $8,000–$12,000 | 119% to 229% |
Could Gold Reach ₹3.61 Lakh per 10 Grams?
Currently, gold costs about ₹1.10 lakh per 10 grams. The boldest prediction is from Swiss Asia, suggesting prices could rise by 119% to 229% by 2032.
A 119% rise would push gold to around ₹2.41 lakh per 10 grams.
A 229% rise would take it up to ₹3.61 lakh per 10 grams.
This means gold could jump from ₹1.10 lakh today to between ₹2.41 lakh and ₹3.61 lakh in seven years.
Expected Price Increase in the Coming Years
Juerg Kiener, Managing Director and CIO of Swiss Asia Capital, expects gold prices to rise between 37% and 120% in the near future.
Citigroup predicts a 9.6% rise, meaning gold would be around ₹1.20 lakh per 10 grams, while Goldman Sachs forecasts a 37% jump to about ₹1.50 lakh per 10 grams.
Buying Strategy for Investors
Experts advise against buying gold in a lump sum now. Darshan Desai from Aspect Bullion & Refinery recommends buying in installments:
Start by investing about 25% of your total budget now.
If prices drop by 2–5%, buy more gold.
Decide on the remaining amount based on future price movements.
For cautious investors, buying 20–30% of gold now and keeping the rest in cash is wise.
Since gold is expected to rise in the medium term, completely avoiding it isn’t recommended. Instead, keep investing small amounts regularly.
