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Why should you increase gold allocation in your portfolio this Diwali?

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4 years ago

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Why should you increase gold allocation in your portfolio this Diwali?

Diwali is considered to be auspicious occasion for buying gold and irrespective of the price, gold is bought by Indians. Analysts believe the investment demand will continue to rise in 2021 taking in to consideration the unprecedented amount of liquidity flush by central banks across the globe. The surging covid infections also adds cherry on the cake for global investors to increase their allocations towards the yellow metal. “Although, the physical demand numbers released by the WGC does not represent a good story for India, It is advisable to increase gold allocation in your entire portfolio from 10% to 15 % taking in to consideration the uncertainty revolving around global economy,” says a report by Angel Broking.

As seen in the yearly price chart of MCX Gold, we noticed that prices have moved almost 30% up in year 2020. In year 2020 prices had made a high of 56,191 levels and low of 38,400 levels. The long term trend of Gold is positive. Prices have formed “Higher Top and Higher Bottom Formation” which is sign of bullish trend.

According to World Gold Council, India’s gold demand is expected to fall to the lowest level in 26 years with domestic bullion prices hitting a record high and as falling disposable incomes could further curtail retail purchases. “India’s gold consumption in the first half of 2020 plunged 56% on-year to 165.6 tonnes. Meanwhile, the coronavirus-triggered lockdown also slashed demand by 70% in the June quarter to 63.7 tonnes, the lowest in more than a decade,” says Angel Broking.

What is the good level to buy gold?

Analysts at Angel Broking expect Gold prices to find support at 47,500 – 44,000 ($1800 – $1680) levels. “Resistance is now observed in the range of 55700 – 56500 ($2100) levels. Trading consistently above 56,500 levels would lead towards the strong resistance at 62,500 ($2300) levels, and then finally towards the major resistance at 67,000 ($2500) levels.” says the report.

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

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3 weeks ago

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October 10, 2024

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.

Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.

Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.

Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.

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The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.

BCCI’s tribute

Additionally, the BCCI issued a statement about his demise.

“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.

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His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.

Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.

Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.

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