30% price surge in gold since last Dhanteras. Here’s your 6-point shopping guide
Dhanteras, which is considered as an auspicious day for buying gold, is being celebrated in India today. But after a 30% rally in yellow metal since the last Dhanteras, is investing at current levels a right choice and what options do investors have?
Gold has had a phenomenal run since the last Dhanteras which was celebrated on November 10, 2023. Notwithstanding this it can still earn returns of 10-12% till the next one.
«We expect that investing in gold will reap benefits in the future and it will provide attractive returns notwithstanding the rally in the past one year. Geopolitical and economic uncertainties, significant global ETF inflows, dovish monetary policy by western central bankers, the US election, and a lower dollar index continue will support the bullish trend in gold,» Anuj Gupta, Head Commodity & Currency at HDFC Securities said.
Gupta recommends a 'Buy' on gold around Rs 75,500–76,000 with further accumulation on dips in the range of Rs 73,500–73,700 range for the price target of Rs 85,300–87,000 till next Dhanteras. He places the stop loss at Rs 71,500.
Ventura Securities sees an upside to Rs 85,700 per 10 gram in gold with a support at Rs 77,000. As for silver, prices may hit levels of Rs 1,06,000 to Rs 1,20,000. It has support at Rs 95,500.
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