Experts believe gold prices will remain firm in 2023, with recovering demand from jewellery and central banks
Anecdotal evidence suggests that buying by consumers during Diwali in India, the world’s largest gold jewellery market, was strong
Image: Narinder Nanu / AFP
Ask someone which asset class had a positive return in 2022 and the chances of getting a blank stare are high.
In a year when bonds and equities saw a synchronous fall, real estate was stagnant at best and cryptos saw a washout, few would realise that gold has given a positive return in 2022.
Since the start of 2022, rupee prices for gold are up 8 percent. With this, it has done what it is meant to do—provide a hedge to a portfolio. “Even in dollar terms, it is down 5 percent but when compared to equities, it has outperformed,” says Vikram Dhawan, head-commodities, Nippon India Mutual Fund.
(This story appears in the 30 December, 2022 issue of Forbes India. To visit our Archives, click here.)