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livemint.com / 2 months ago
livemint.com / 2 months ago
Mint Explainer | Gold and silver aren’t acting like safe havens this time—here's why
Gold has nearly doubled and silver has tripled over the past two years. Both metals surged in popularity last year as investors globally placed greater trust in liquid physical assets over the US dollar-denominated financial system.In January, Indians invested more in gold exchange traded funds (ETFs) than in equity mutual funds for the first time, with net inflows surging to a record ₹24,040 crore even as equity fund investments slipped to ₹24,029 crore.
Kotak Institutional Equities said the surge in global ETF investments indicates “massive speculation” in gold and silver across institutional and retail investors.That alone can introduce significant volatility at stretched valuations.For instance, both metals peaked on 29 January, when 10 grams of gold touched ₹1.75 lakh and silver approached ₹3.8 lakh per kg. From those peaks, gold and silver fell 15% and 36%, respectively, to their lows for the year as investors began questioning valuations after the record rally.A stronger US dollar and fears of a more hawkish US Federal Reserve leadership in the future accelerated the sell-off.Even so, precious metals remain among the best-performing asset classes this year.
Gold and silver are up 20% and 15%, respectively, so far this year, while the benchmark Nifty 50 is down 5.3%. But analysts warn that rallies may increasingly invite profit-taking.“Precious metals are now in a consolidation phase where prices may stick around current levels for a while,” said Apurva Sheth, head of market perspectives and research at SAMCO Securities.Another factor behind the latest sell-off is liquidity pressure.When markets fall sharply during crises, traders often need quick cash to meet margin requirements.
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IPO
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markets
Digital
CEO
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21.05 / 09:47
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PI Industries’ weak core business keeps investors on edge
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Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
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