Gold may hit $4,800 by next Samvat as rising US debt fuels demand: Kunal Shah
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- ✓Gold could hit $4,800 by the next Samvat as rising US debt fuels demand, said Kunal Shah of Nirmal Bang Securities.
- ✓He noted that the metal offers an attractive buying opportunity after prices fell from their peak.
- ✓"This is one of the best times to start reallocating your portfolio," he said.
Story at a Glance
- Category
- Indian Markets
- Reported By
- CNBC TV18
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Gold could climb to $4,700-$4,800 by the next Samvat as rising US government debt and persistent central bank purchases drive renewed allocations to bullion, according to Kunal Shah, Vice President and Head of Commodities Research at Nirmal Bang Securities.
After correcting sharply from its peak of $5,500 to around $4,000, the precious metal offers an attractive buying opportunity for investors navigating rising global uncertainties, Shah said.
The bullish outlook is underpinned by the rapid expansion of US government debt. According to Shah, US borrowing has increased by $1 trillion, $1.4 trillion and $1.5 trillion over the past three years, respectively, and is now growing at an annual pace of around $2 trillion. In the last four months alone, the US debt burden has risen by $1.2 trillion.
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