KOCHI: Gnanasekhar Thiagarajan, director of Commtrendz Research, a leading market product research agency, predicts that the price of gold will exceed Rs 56,000 this year. The continued strengthening of the rupee against the US dollar and economic slowdown in developed sectors is expected to push gold prices to new highs. Currently, the price of gold in the domestic market is close to Rs 63,060 per 10 grams. The price of gold in the international market is 2070 dollars per ounce.

Leading analysts say that the global financial sector is likely to face extreme crises. The US and Europe are in deep recession. So the US central bank, the Federal Reserve, may cut the key interest rate by half a percentage point before March this year. They also say that the dollar is facing a tough challenge in the current situation.

Due to uncertainty in the financial sector, gold is likely to increase in popularity as a safe investment. Experts also say that the price of gold in the international market may go up to 2,400 dollars per ounce in 2024.