Among individual stocks, Titan Company rebounded 3.5% from its day’s low, while Kalyan Jewellers gained 5%. Senco Gold and Thangamayil Jewellery advanced 2.5% and 3.5%, respectively. The rally also comes on the back of Titan’s strong earnings performance and a broader improvement in market sentiment, with the Sensex and Nifty rising for the second consecutive session.
Gold has long been associated with prosperity and wealth creation in India, making it one of the most popular purchases during Dhanteras. Every year, households mark the occasion by buying gold jewellery, coins and bars, viewing the precious metal as both an auspicious purchase and a store of value.
Gold outlook 2027
Despite the sharp correction, some brokerages believe the decline has improved gold’s appeal for investors with a longer investment horizon.
Axis Securities considers current levels attractive, noting that gold has corrected more than 20% from its peak. According to the brokerage, the decline offers investors who missed the previous rally an opportunity to gradually increase their allocation to the precious metal.
Near-term volatility could persist, particularly if expectations of higher interest rates continue to weigh on bullion. Nevertheless, Axis Direct expects gold to deliver returns of approximately 20-25% by the next Dhanteras, provided favourable developments materialise. It has set a target price range of Rs 1,65,000-Rs 1,71,000 per 10 grams.Religare Broking, meanwhile, has identified Rs 1,30,000-Rs 1,35,000 per 10 grams as the accumulation range for gold, equivalent to 3,665-3,805 per ounce.
The brokerage has set an initial upside target of Rs 1,50,000 per 10 grams (4,455 per ounce). On the downside, Rs 1,21,000 per 10grams (3,410 per ounce) is the crucial support level. A breach below this level would invalidate its positive outlook.
For silver, Religare Broking recommends accumulation in the Rs 1,50,000-Rs 1,63,000 per kg range, corresponding to $41.5-45 per ounce. It has set an initial target of Rs 2,17,000 per kg ($60 per ounce), followed by a higher target of Rs 2,55,000 ($70 per ounce).
The brokerage has identified Rs 1,09,000 per kg ($30 per ounce) as the key support level. A fall below this mark would negate its positive outlook on the white metal.
Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
