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On domestic front, gold and silver prices gets a boost during festive season. Fall in precious metal was restricted following rupee depreciation that was to the tune of ~10% coupled wiith hike in basic customs duty on gold imports by 5%.
As India is a price taker any movement in Commodity Exchange Inc. affects our prices. Macro economic backdrop does have an upper hand this year, major focus is on central bank’s monetary policy, inflationary pressure, and geo-political tensions.
If there are any changes in these factors, we could see some short covering, which could take gold prices much higher and quicker, but we feel that till the time we don’t see a change in stance from major central bankers with-respect-to aggressive interest rate hikes, we could continue to witness pressure on gold prices.
Amid these uncertainties, it is advisable to have gold and silver in one’s portfolio. Hence, anyone who is looking to invest in gold and silver with a medium to long-term outlook can start to accumulate at these levels.
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