CNBC-TV18’s special segment on commodities brought together industry experts Feroze Azeez, Joint CEO of Anand Rathi Wealth; Lakshmi Iyer, CEO of Bajaj Alternate; and Kunal Shah, VP and Head of Commodities Research at Nirmal Bang Commodities, to discuss the drivers behind this rally and the outlook for 2026.
Shah noted the historic nature of this year’s gains: “After tracking commodities for the last 20 years, I have not seen this kind of returns coming from gold and silver in my 20 years of career.”
He highlighted that investor fear regarding Western economies, debt accumulation, and US government uncertainty have driven central banks and retail investors to buy gold aggressively.
While he expects some short-term consolidation or profit-taking, Shah believes the structural trend for gold remains intact over the next two to three years.
Read Here | Madhu Kela prefers equities over gold; Manish Chokhani sees AI and financials driving next wave
Iyer emphasised the role of gold as a portfolio diversifier rather than as a primary wealth creator:
“Gold was never meant to be a wealth creation asset class. It was always supposed to be the Vishnu of your portfolio.”
She advised investors to maintain balanced allocations and not be swayed by the fear of missing out, pointing out that gold’s unique appeal lies in its long-term stability rather than short-term gains.
Azeez shared a cautionary note on how gold should be approached in the current market: “Gold is now a technical trade. When it’s a technical trade, these are signs very easy to identify. When will that take a U turn?”
He stressed the importance of understanding gold as a tradeable asset, warning against relying solely on ETFs and emphasising the need to both buy and sell strategically, given India’s large household allocation in gold.
For the entire show, watch the accompanying video
Also Read | Gold’s rally backed by fundamentals, not froth: World Gold Council’s Sachin Jain