ICICI Bank Forecasts Indian Gold Prices to Reach ₹1.9 Lakh by 2027
Gold prices in India to hit Rs 1.9 lakh by 2027: ICICI Bank report
Image: Asianet Newsable
ICICI Bank's report predicts that Indian gold prices will range between ₹1,60,000 and ₹1,90,000 per ten grams in 2027, driven by global price trends and the depreciation of the Indian Rupee. The report highlights a significant rise in gold imports and a slowdown in physical demand due to high prices.
- 01Gold prices in India are expected to range from ₹1,50,000 to ₹1,80,000 per ten grams for the remainder of 2026.
- 02The report indicates a 20% increase in the domestic gold market year-to-date, influenced by a 7% depreciation of the Indian Rupee.
- 03India's gold import values surged by 81% year-on-year in April, despite actual import volumes decreasing.
- 04Gold ETF flows have significantly declined, averaging ₹26.5 billion in March and April compared to ₹240.5 billion in January.
- 05The report cautions about potential risks to the projected price trajectory if global gold prices do not rise as anticipated.
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According to a report by ICICI Bank Global Markets, Indian gold prices are projected to reach between ₹1,60,000 and ₹1,90,000 per ten grams in 2027, following a forecasted range of ₹1,50,000 to ₹1,80,000 for the remainder of 2026. This anticipated increase is attributed to rising global gold prices and the depreciation of the Indian Rupee, which has already led to a 20% increase in the domestic gold market this year. The report notes that the local market is adjusting to a customs duty hike from 6% to 15%, effective May 2026, which may further elevate prices by 2-3% in the near term. Despite a significant 81% year-on-year increase in gold import values in April, actual volumes have decreased, indicating a slowdown in physical demand. Additionally, gold ETF investments have dropped sharply, reflecting the impact of high prices on investor behavior. The report warns that if global gold prices do not rise as expected, the price trajectory may flatten going into 2027.
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The projected increase in gold prices will affect consumers and investors in India, particularly those involved in gold purchases and investments.
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