Bhubaneswar: Amid global recession fears, can gold prices record a 38% drop? Well, that’s exactly what US analyst John Mills has predicted for the coming years. Currently, 24-carat gold has hit an all-time high of nearly ₹90,000 for 10 grams in India. It costs over $3,100 globally. However, with a potential 40% decline, gold might fall to around ₹55,000 per 10 grams in India.
According to reports, Mills, a strategist at Morningstar, anticipates gold prices dropping to $1,820 per ounce from the current level of $3,080. If this prediction turns true, gold prices in Bhubaneswar—which currently stand at Rs 90,600 per 10 gm, could crash to nearly Rs 56,000.
Such a nosedive would be devastating for recent buyers and jewelers. But this may be good for bargain-seeking investors. However, no specific timeline has been cited for this fall. Morningstar’s timeline spans years, not weeks. So, immediate price drop may not be something that the analysts had predicted or expecting.
