ICICI Bank Predicts Gold Price Could Touch ₹1.90 Lakh by 2027

Gold prices could touch ₹1.90 lakh per 10 grams by 2027, according to a major forecast released by ICICI Bank. The bank says growing geopolitical tensions across the world and continuous gold buying by central banks are likely to keep prices on the rise in the coming years.

In India, gold has always held a special place in people’s lives. Some buy it for tradition and family occasions, while many others see it as one of the safest long-term investments. No matter whether prices go up or down, the demand for gold rarely slows down. Now, ICICI Bank’s latest prediction has become a major talking point among investors and jewellery buyers alike.

As per the report by ICICI Bank Global Markets, domestic gold prices are expected to remain strong over the next two years. The bank estimates that during the rest of 2026, the price of 10 grams of gold could stay between ₹1.50 lakh and ₹1.80 lakh. By 2027, prices may climb even higher, possibly reaching ₹1.90 lakh per 10 grams.

The report says that two major factors are expected to support this rise - higher international gold prices and the weakening value of the Indian Rupee against the US Dollar.

Gold prices in India have already risen sharply this year, gaining nearly 20% so far in 2026. One of the main reasons is the fall in the Rupee’s value, which has weakened by around 7%. At the same time, global gold prices have also increased steadily. Adding to this, the recent hike in customs duty has further pushed up domestic gold prices.

The customs duty on gold was increased from 6% to 15% starting May 13, 2026. Experts believe the full impact of this increase is yet to be seen in the market, which means gold prices could rise another 2% to 3% in the near future.

ICICI Bank Global Markets also expects the average Dollar-Rupee exchange rate to remain around ₹96 during 2026, while international gold prices could average about $4,700 per ounce.

For 2027, the bank predicts the Rupee may weaken slightly further to around ₹96.50 against the Dollar. Based on these estimates, the bank arrived at its projection for domestic gold prices.

The report also pointed out that international gold prices had already surged by nearly 65% during 2025. So far in 2026, prices have increased by another 5%. However, after tensions escalated in West Asia on February 28, 2026, gold prices temporarily dropped by around 15%, mainly because of the strengthening US Dollar.

Meanwhile, data from the World Gold Council (WGC) shows that jewellery demand fell by 23% during the first quarter of 2026, while investment demand dropped by 5%. Lower investments in Gold ETFs also played a role in slowing demand.

Even then, central banks across the world continued buying gold. Their purchases increased by 2%, helping overall global gold demand also rise by 2%.

According to the report, this steady buying by central banks shows that confidence in gold remains strong despite short-term market fluctuations. With global uncertainty continuing and currencies facing pressure, g gold is still being viewed as one of the safest assets for long-term investment.