Gold is considered a safe haven for many which have seen so many ups and down in so many years and still moving up like anything. A lot of people especially in India are crazy about gold, they buy it left and right. One of the few reasons is that Gold is a safe investment and Gold is used in weddings a lot. In weddings, it can be used for giving dowry or for giving a gift too. Thus whenever people have some money they just buy gold.
To be honest, I do not have too much gold in my portfolio and thus I actually used special occasions to buy some. I have also used the Jar App to buy the Gold as little as possible just like the Dollar Cost Averaging but in Gold. Jar app invests your spare change after rounding it to the nearest 10 and investing that in Digital Gold. I do invest in the Gold from time to time on festivals or on other occasions but with the Jar App, I am continuously buying it every day. Now, this has decreased little because I have to pay 3% GST with every purchase and that is huge along with paying capital gains at the sale. So I started looking for alternative approaches to buying Gold, like the SGB or simply Gold Mutual Fund.
In the last month, the price of gold has gone up, mainly because people think that since the recession is approaching bet on safe haven and Gold only. I am not sure how true this is but seeing the upward movement from November 2022, we can actually see that there is a strong upward movement. And from this time itself, there are more layoffs and recession talk going on. I think the tendency of Gold is to go above 60K INR for sure or basically above $2000.
I think the rates were quite stagnant for some time and thus it has picked up the pace now again as it was at the time of early 2022.
What do you think, is it wise to buy Gold now?
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