For more favourable profits, it’s advisable to invest in gold when its price ranges between 57 to 58 thousand rupees per 10 grams.
While investors are reaping substantial gains from the stock market, opting to invest in gold can present a lucrative opportunity for risk-averse individuals. Analysts also suggest that those who purchase gold ahead of festivals could witness substantial profits by year-end. Choosing to invest in gold at this time could potentially yield returns of up to 10% in a matter of months.
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According to Jatin Trivedi, a research analyst at LKP Securities, the rupee is weakening against the dollar and with the festive season approaching, investors have the opportunity to generate substantial returns by investing in gold. Anticipated high demand for gold during the upcoming festive season is expected to stabilise its prices and potentially lead to consistent growth.
Industry experts advise investors to consider a specific entry point when investing in gold. It’s recommended to proceed with a strategic approach. For more favourable profits, it’s advisable to invest in gold when its price ranges between 57 to 58 thousand rupees per 10 grams.
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Jatin Trivedi highlighted that global central banks, including the RBI, are actively purchasing gold to stabilise their economies. The prevailing instability caused by the COVID-19 pandemic, inflation concerns and the Russia-Ukraine conflict has led central banks worldwide to place their trust in gold. Despite current interest rate increases, the Federal Reserve plans to lower rates in the near future which could trigger a rise in gold demand and prices within the retail market.
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According to experts, if the upward trend in gold prices persists, there’s potential for it to yield a return of around 10 per cent by year-end. This suggests that by December, gold prices could reach approximately 61 to 62 thousand rupees per 10 grams. With the rupee’s depreciation and rising festive season demand, investors might realise profits of up to Rs 5,000 per told (11.7 grams).
