WHAT?

Two commodity research firms, Mumbai-based Motilal Oswal Wealth Management (MOWM) and BMI (a unit of Fitch Solutions), have declared the end of gold’s six-year bull run that began in 2019. This rally delivered over 30% returns in both 2024 and 2025, but signs of market fatigue suggest a pause.

Key Details

Gold prices surged impressively since 2019, exceeding price projections. In 2019, the average price of 24-karat gold per 10 grams was approximately ₹36,000. As of July 2025, the current price of 24-karat gold is around ₹98,400 per 10 grams.

This is approximately 173.33% over 6 years and the Compound Annual Growth Rate (CAGR) of 18.2% per year. But now the reports say that this momentum would not be continued.

But why? Key drivers such as the geopolitical tensions, a weaker US dollar, and lower bond yields are already reflected in current prices, with market fatigue emerging at these highs. it means that the current prices of gold has accounted all those factors which have led to it's record high. So now onwards the prices are expected to drop. The prices of gold may drop to ₹90700 per 10 gms. 

The end of the rally may prompt investors to reassess gold holdings, potentially favoring yield-bearing assets if interest rates rise. High domestic prices could dampen jewelry demand, though central bank purchases and household gold stocks may sustain some stability.