Samvat 2082: Consider buying gold and silver as correction takes root

Experts see near-term correction from profit-booking, but long-term bullishness intact

Samvat 2081 delivered the strongest returns in three decades for gold and silver. At Monday’s close, gold prices in Mumbai were up 60.4 per cent, while silver surged 68.7 per cent compared to the closing price at the end of the previous Samvat 2080.  As Samvat 2082 begins, optimism persists -- though sharp swings are expected in both precious metals as investors book profits.

 

The extraordinary bull run has been driven by several forces, led by the debasement of the US dollar. Yet, the relentless rally and all-round buying have pushed both metals deep into overbought territory.

 

Gold and silver