Gold prices in India have recently touched all-time highs, and as the festive and wedding season draws near, industry experts expect demand to stay resilient despite elevated rates.
Rising global uncertainty and traditional buying patterns are underpinning the rally.
Darshan Desai, CEO of Aspect Bullion & Refinery, said, “Periods of pause or small corrections are natural, but broader fundamentals such as safe-haven demand and global economic trends continue to support prices.”
Highlighting international drivers, Aksha Kamboj, Vice President of the Indian Bullion & Jewellers Association (IBJA) and Executive Chairperson of Aspect Global Ventures, said, “Gold recently hit all-time highs due to global economic uncertainty, strong investor appetite, and expectations of looser US monetary policy. Timing the market’s bottom is difficult, so a staggered purchase strategy is safer than waiting for a sharp decline that may not come.”
Mohit Kamboj, Former President of IBJA and CEO of Aspect Global Venture, noted that while markets may consolidate in the near term, “upbeat festival demand and international safe-haven flows should prevent a negative bias. Steep corrections seem unlikely, though periodic dips are possible.”
Saumen Bhaumik, MD of CaratLane, emphasised the cultural dimension of gold in India.
“Even if prices pull back briefly, demand rebounds quickly. Gold is more than an investment—it’s an emotion tied to tradition and celebration,” he said.
Mangesh Chauhan, MD and CFO at Skygold & Diamonds, suggested buyers balance investment goals with affordability by opting for lower caratage jewellery or 24KT gold for investment appeal.
Gold outlook
Gold currently trades around $3,650 per ounce. Projections from global financial institutions indicate a wide spectrum for future prices.
Bank of America expects $3,650 an ounce, Citigroup $4,000 an ounce, Goldman Sachs $5,000 an ounce, and Swiss Asia projects $8,000–$12,000 an ounce by 2032.
Rajul Kothari, Partner at Capital League, noted that gold’s bullish momentum is likely to continue in the near term, potentially testing $3,700–$3,800 per ounce if geopolitical or inflation concerns intensify. However, near-term technicals suggest some caution, with a modest 2–5% correction possible, bringing prices into the $3,500–$3,600 an ounce range temporarily.
Buying strategy for retail investors
Experts recommend a staggered buying strategy rather than lump-sum purchases at record highs.
Rajul Kothari of Capital League suggests:
- Staggered accumulation (Recommended): Buy in phases—for example, initiate 25% of your intended exposure now, add another 25% if prices dip by 2–5%, and deploy the balance depending on subsequent moves.
- Small entry now: Conservative investors may start with 20–30% allocation at current levels while keeping some capital in reserve.
- Avoid lump-sum purchases: Entering fully at record highs carries timing risk.
- Don’t stay out entirely: With medium-term forecasts remaining positive, staying on the sidelines risks missing potential gains.
Darshan Desai also suggested spreading purchases over the next few weeks to average costs while meeting festive requirements.