Precious metals and equity markets are offering some relief to investors, but experts say this is not the time to get carried away by short-term optimism. While gold and silver remain attractive over the long term, and markets have seen a brief bounce, caution is still the key word.
Ajay Kedia, MD and Director at Kedia Advisory, believes the broader factors supporting precious metals have not disappeared. “In 2026 also, whatever factors we have discussed till now have not vanished. Slowly, one or two factors will mature,†he said. However, he warned investors not to expect the kind of sharp gains seen earlier. “I don’t expect returns of 60–70% like before, but 15–18% is easily achievable,†Kedia added.
Gold prices in the domestic market have already moved close to Rs 1.5 lakh. On silver, Kedia said the metal should not be compared with gold. “Silver is not the new gold, silver is silver. Its industrial demand has risen, use cases have expanded, and silver ETFs are also seeing interest,†he said. Still, he advised caution, adding that corrective dips like those seen in May and October are possible.
On equities, Sneha Poddar of MOFSL said recent gains have brought relief but not certainty. “Let’s not get into the euphoria that the worst is over,†she said. Poddar noted that while some foreign investors have turned buyers and the rupee has strengthened slightly, this trend is too short to confirm a reversal.
With the festive season approaching, she expects thin volumes, consolidation towards December end and volatility in January ahead of the Union Budget. Poddar advised investors to stick to large-cap stocks and remain very selective with mid- and small-cap shares.
(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
