Will gold take a breather, or is another breakout on the horizon? As gold trades at record highs, the Kamakhya Gold Outlook 2025 brought together India’s top bullion voices to answer the golden question: Is $2,600 the next dip or $4,000 the next leap?
At the same event last year, experts had forecasted gold prices could touch $3,200, a prediction that proved remarkably accurate. This year’s wider forecast range of $2,600 to $4,000 reflects growing global economic uncertainty.
Gold Rate
24 April 2025
Held at the Jio Convention Centre in Mumbai on 11th April and hosted by Kamakhya Jewels Ltd, the third edition of the event drew a strong turnout from across the bullion trade, banking, financial services, and media. The mood was one of cautious optimism, shaped by inflation concerns, global trade tensions, and shifts in investor sentiment.
Mr. Manoj Jha, Managing Director, Kamakhya Jewels Ltd, opened the event, reiterating its purpose as a platform to guide rather than just observe.
“Kamakhya Gold Outlook was built to forecast with foresight. This year, we bring the widest range of views—and the strongest reasoning behind them,” he said.
Bharat Seth (Batukbhai Sons Jewellers, Nagpur), emphasizing strong market fundamentals, said:
“Gold’s bullish momentum is driven by undeniable retail demand, with consumers flocking to it as a safe haven in times of uncertainty. The shift to gold is not just a trend—it’s a reflection of consumer confidence and faith in its long-term value. As inflation and global instability continue to rise, gold will remain the ultimate hedge. The upward pressure on prices is unstoppable, and I firmly believe that gold will see new highs—$4,000 is within reach in the coming months. However, should the geopolitical tensions cool down and global market conditions stabilize, we could see gold prices retreat to around $2,700. The volatility is likely to continue, but gold’s long-term outlook remains strong.”
Kishore Narne (Motilal Oswal) was more cautious, saying: “Gold could touch $4,000, but physical demand at higher prices may limit the upside, potentially pushing it back to $2,600.”
Kunal Shah (Nirmal Bang) projected a near-term correction to $2,950, with a recovery to $3,450 by next year. “The long-term trend is bullish, but short-term upside is limited,” he said.
Ajay Kedia (Kedia Advisory) offered a two-phase outlook: “Gold should be bullish in H1, but a sharp drop to $2,350 is possible in the second half.”
Market watchers pointed out several factors influencing these forecasts:
- De-dollarization and bond selling by large economies like China and Japan
• Investor retreat from U.S. Treasuries due to fiscal deficits and inflation
• Geopolitical tensions and tariff uncertainty impacting long-term stability
• Increased gold ETF inflows as an alternative to equities
Retail growth is shifting toward suburban and tier-2 cities as urban markets near saturation. Experts agreed that today’s jeweller must build lasting relationships with customers and offer genuine financial insights, making trust as important as product and price.
