Gold and silver sells the most across the country on the occasion of Akshaya Tritiya and Dhanteras. Should you be buying it on May 13, when Akshaya Tritiya falls this year? We’ve tried to sift through the opinions and views of different experts to find out the answer so that you can make your decision, though it remains mostly a sentimental one for many of us than a financial one. Yet, logic than mere emotions should also be considered, we feel, hence this exercise:
An issue bothering most of the apprehensive investors currently is whether or not the gold price will further come down. The senior analyst (commodities division) at Sharekhan, Praveen Singh, feels that, it is not wholly advisable to purchase gold even at current levels. He was quoted as saying in moneycontrol.com that the gold prices are up about 10 percent from the recent bottom they hit, so from a sheer short term viewpoint buying it is not wise, and retail investors might be better off awaiting lower levels.
Echoing Similar views, the associate director Head of Commodity and Currency division) at Motilal Oswal Commodities, Kishore Narne, commented that one could not term though the significant quantum of selloff in the commodity as a mere blip as exchange-traded products (ETP) or investment money flows are expected to further move out of it after the sudden crash.
According to him, seasonality tends to play a definite role in deciding the movement of gold prices that mostly soften up once the peak wedding season is over and firm up before the onset of festive season in India that starts usually after August. However, there’s no fundamental or technical reason for buying gold on a particular day unless you treat it an auspicious or symbolic gesture.
Singh feels the market sentiment that governs gold prices invariably reacts to several macro economic data bits from America. But buyers don’t fully accept the notions that there’s an impending correction in gold prices given the price-conscious mindset. He expects the price levels to be subdued during the coming months. Whether the yellow metal has entered a long term bearish, experts are divided, and not willing to take a call, as yet.
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