Perspective on Gold by Sandip Raichura, CEO - Retail Broking & Distribution and Director at PL Capital
Below the Perspective on Gold by Sandip Raichura, CEO - Retail Broking & Distribution and Director at PL Capital
Gold’s Big Run in 2025 — and Equities Regaining Momentum
“This year has placed gold right at the center of financial history, with spot gold prices reaching an all-time high of approximately $3,791.11 per ounce on September 23, 2025, almost double its levels exactly two years ago and past our 2024 targets of USD 3700. In addition, Sep 23 , 2025 saw 3 year high daily inflows into Gold ETFs further exacerbating strength in the metal.
In the middle of this historical move, it becomes difficult to decide on further levels and we believe Gold is eventually going to rise beyond 4800 USD. Of course, caution is warranted going ahead as any explosive moves like the one we are in may be subject to sudden corrections.
As of now, Gold remains in momentum and any longer term breaches below USD 3444 will signal a correction and should be a stop for trading positions. Longer term positions however may use any dips as a buying opportunity as we believe gold has begun a very large move which may last several months.
This longer term move is predicated on certain assumptions about how the international data will unravel over the next few months – higher inflation, a complete and huge difference between EU moves (pauses) on rates versus the Fed (cuts) causing USD weakness and of course, a very definitive stance by China on its gold reserves accumulation which still remains way below global averages (8,5% versus global average of about 20%). There are also reports which indicate that Gold still hasn’t seen strong institutional buying nor is the long short derivative data biased adversely, thus potentially presenting more tailwinds for the metal.
We continue to recommend a minimum 5-10% allocation even at current levels to improve risk-adjusted returns over complete economic cycles. “
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