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Add To Your Holdings In Gold This Dhanters As Prices To Scale To Rs. 67000 Per 10Gm

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Gold prices trade higher above Rs. 50650 per 10 gm on the MCX on the highly auspicious occasion of Dhanteras when many Hindus flock to buy the precious yellow metal as it is considered to bring prosperity all through the year. And in the national capital, gold of 24K and 22K purity is available for Rs. 53630 and Rs. 49260 per 10 gm, respectively.

Add To Your Holdings In Gold This Dhanters As Prices To Scale To Rs. 67000
 

No doubt the price that precious yellow metal commands currently is exorbitantly high and given the global economic uncertainty posed by the coronavirus pandemic, most analysts have been highly bullish on gold and see it to further run up in prices.

Return From Gold Till August When It Hit New Highs And Until Dhanteras 2020

In fact if we consider gold's return from the start of the year when it traded at Rs. 38962 per 10 gm till early August when it touched its all time high of Rs. 55901 has been a whopping 43.5%. And now after the correction since then at the current prices, gold on a YTD basis has yielded return to the tune of 37%.

Gold Beats Nifty With 159% Return During The Last Decade

As per the data over the last 10 years i.e. from Dhanteras 2010 when gold was priced at Rs. 20000 per 10 gm, it has now shooted to Rs. 53630, yielding a massive 159 percent return, thereby beating return from equities. During the same period, returns on the Nifty 50 index has been 93%, justifying gold's role in serving as a hedge against inflation and currency debasement.

Macros Favour Gold Prices, Expected To Jump To Rs. 67000 Per 10 Gm

"In the short term, Comex Gold could form a base around $1,880 - 1840, while rallies are likely to be capped in the range of $1940 - $1975. On the domestic front, we advise to start accumulating gold with every dip towards Rs 49,500 - 48,500, which is a good range to buy. Upside, for now, is capped around Rs 52,000 - 53,000 levels. On the longer-term, we continue to maintain our target of $2500 on the Comex and Rs 65,000 - 67,000 on domestic front," Navneet Damani, head of commodities & currencies research at Motilal Oswal Securities.

 

This forecast is given the stimulus measures being announced by central banks world over, high inflation and lower real yields, which have a positive bearing on the gold prices.

GoodReturns.in

Read more about: gold gold prices diwali 2020
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