Chennai: Gold prices expected to surge to Rs 65000-67000 for 10 grams in long-term, according to a latest report.
Over the last decade, gold in India has given a return of 159 per cent. When compared to the equities, Dow Jones has given around 154 per cent and the domestic equity index Nifty 50 has given 93 per cent returns in the same period, which makes gold a star performer and particularly justifying the objective of protecting against inflation and depreciating rupee for Indian investors.
Gold has performed very well till now on YoY basis. Except for the small dips in between, gold prices have not disappointed investors.
In the report, ‘Commodity Insight: Gold Crackles this Diwali’, Motilal Oswal Financial Services recommends accumulating gold with every dip towards Rs 49,500-48,500, which is a good range to buy with short-term upsides being capped around Rs 52,000 – 53,000.
Comex gold is expected to form a base around $1880 – 1840, while rallies are likely to be capped in the range of $1940 – $1975.