In a bold projection that could significantly impact investors and consumers alike, the Gold We Trust Report 2025 by Liechtenstein-based asset management firm Incrementum estimates that gold prices may hit $8,900 per ounce by the end of this decade.
Based on current exchange rates and conversions, this would push gold prices in India to unprecedented levels—Rs 26,724 per gram or Rs 2.67 crore per kilogram by 2030.
Currently, 24 karat gold is priced at Rs 9,779 per gram in Delhi. This translates to around Rs 2,77,230 for an ounce, which contains approximately 28.35 grams. At today’s rate, a kilogram of gold is worth nearly Rs 97.79 lakh. If the report’s projections come true, the same amount of gold could become nearly three times more expensive in just five years.
Inflation, Monetary Policy Seen as Key Drivers
Incrementum’s report attributes the bullish forecast to multiple macroeconomic factors. “The forecast corridor of $4,800 to $8,900 depends mainly on how inflationary the next five years will be,” it said, citing the influence of inflation, monetary policy decisions, and global geopolitical trends. The firm believes gold is entering a long-term bull phase, not just experiencing a temporary price rally, urging investors to keep a closer watch on gold as an asset class.
That said, the report also emphasised that the journey to higher prices may not be smooth. It warned that short-term corrections are likely due to gold’s inherent price volatility. This volatility has been visible in recent months, where gold rallied by 25 per cent from January to April 2025, only to witness a subsequent decline.
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Broader Market Sentiment Turning Bullish
Adding weight to Incrementum’s forecast, JP Morgan recently projected that gold may rise to $6,000 per ounce by 2029—an 80 per cent increase from current levels, reported ANI. The global investment bank’s outlook suggested a growing consensus that gold’s long-term fundamentals are strengthening, especially amid economic uncertainty and central banks’ cautious stance on interest rate cuts.
Market interest in gold has also been sustained due to its role as a safe-haven asset during periods of market volatility and geopolitical tensions. Gulf News recently reported that despite short-term dips, gold prices are expected to rise again, buoyed by multiple factors resisting the usual decline in demand for safe-haven investments.
Interestingly, the report also reveals a relatively low exposure to gold among global family offices, which allocate just about 1 per cent of their portfolios to precious metals. This puts gold in the same league as niche investments like art and antiques, far below more popular assets such as private equity, real estate, and cash.
If current trends persist and Incrementum’s predictions hold, Indian consumers could be looking at gold prices of Rs 2,67,240 per 10 grams and Rs 2.67 crore per kilogram in 2030—a dramatic shift that could redefine the market for the yellow metal.
[Disclaimer: All the prices mentioned in the copy are an estimate and based on currency conversions, which keep updating. Investing in markets, gold, assets, etc involves financial risks. Please invest responsibly and only after thorough research and careful consideration. Reader discretion is advised.]
