Jefferies sees long-term gold upside that could push India’s MCX rate near ₹3.39 lakh per 10g
Festival demand and geopolitical uncertainty are supporting Indian gold prices. Jefferies’ Chris Wood projects gold could eventually reach $10,000 an ounce, which would imply roughly ₹3.39 lakh per 10 grams on MCX at ₹96 per US dollar.
What happened
Gold (India) · Gold prices in India are supported by festival-season physical demand and geopolitical uncertainty. Jefferies’ Chris Wood projects gold could
Key facts
- $10,000 per ounce
- ₹3 lakh per 10 gm
- ₹3,38,630 per 10 gm
- ₹96 per USD
What changed
Gold prices in India are supported by festival-season physical demand and geopolitical uncertainty. Jefferies’ Chris Wood projects gold could reach $10,000 per ounce long term, implying MCX prices of roughly ₹3.39 lakh per 10 grams.
Why this matters
Prepare for affordability pressure by expanding lightweight, lower-ticket and gold-exchange offerings while using festival demand to protect conversion.
What to watch
- MCX gold sustaining new highs versus sharp weekly corrections.
- Wedding-season footfall, average selling price, grams sold per bill and old-gold exchange mix.
- Growth in 18K, lightweight, silver and lab-grown diamond category sales.
- Gold-loan demand, consumer credit stress and EMI-plan adoption.
- Rupee movement against the US dollar, central-bank gold buying and geopolitical escalation.