Gold Buying Strategy in Akshay Tritiya:Akshaya Tritiya is on 10 May 2024 (Akshaya Tritiya). In India, there is a tradition of buying gold (Gold Investment) on this occasion. While many people consider it auspicious to buy gold these days, now many people invest money in gold on this occasion for the purpose of investment. Gold is an option that gives stable returns in the long term, hence the trend of investors is now moving towards gold and silver. Anyway, at present there is uncertainty in the markets due to geopolitical tension, which is expected to support gold prices. Apart from this, there are some factors which will provide support to gold.
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Why should you buy gold?
Anuj Gupta, Head – Commodity and Currency at HDFC Securities, says that gold prices have increased recently. However, some softening has been seen from the record high. He says that if we talk about the present times, it would be wise to give 5 to 8 percent allocation to gold in your portfolio.
The kind of environment that is being created now, especially new investors have the opportunity to invest in gold. The data in the US is not good, the weakness in the dollar index is increasing. This is positive for gold. At the same time, the Central Bank of China has added 27 tonnes of gold between January and March 2024 i.e. in 3 months. Other central banks including RBI are also continuously buying gold, which is providing support to the prices.
He says that geopolitical tension still persists. The war continues between Russia and Ukraine and Israel and Hamas. The valuation of the stock market also remains high. In such a situation, the momentum in gold is expected to continue in future also.
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How much return can I get?
Anuj Gupta says that if we look at every factor, gold can come back to $2400 by the end of this year. On MCX it can touch the level of Rs 75000 per 10 grams by the end of this year. Today i.e. on 7th May 2024, gold is seen trading around Rs 71300 per 10 grams on MCX (Gold MCX). However, its prices have softened from the record high. Last month i.e. in April 2024, gold had made a record high of Rs 73958 per 10 grams.
Positive factors for gold
● Geopolitical tension remains and if it increases further then it will be positive for gold.
● Good demand for gold from central banks
● Strong demand for gold at global level
● There is good demand for gold in India i.e. even at the domestic level.
● Safe haven demand may increase in the present time
● Markets are at high valuation, possibility of correction
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Negative factors for gold
● Dollar index remains stable
● US treasury bond yields increased
● Expectation of reduction in tension in West Asia
● US Fed has kept interest rates intact
● Strong economic data
● Indicators are showing overbought zone, fear of further selling in gold.
(Source: Kedia Commodity)
