Gold Prices: Gold prices likely to be volatile, avoid lumpsum purchases
Mumbai: Investors would be better off staggering their purchases of gold over the next few months than buying lumpsum, said analysts. This is because the prices of the precious metal could witness some sharp pullbacks following the recent run-up in their value, they said. The longer-term bull market in gold however remains intact.
“We expect gold to correct by 5-7% before the next leg up and a buy on dips is recommended,” says Manav Modi, bullion analyst at Motilal Oswal Financial Services.
Over the last one month, gold price in dollar terms has moved up by 6.3%, while in rupee terms it is up 7.1%. The Nifty has shed 0.7%. In this calendar year, gold gained 28.8% in dollar terms, while in rupee terms it gained 21.2%, compared to the…
