Gold, silver outperform equities for 7th year
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Mumbai: The price of gold reached a record high on Tuesday, on track for its largest monthly surge in 14 years amid concerns over a potential US government shutdown and rising expectations for further Federal Reserve rate cuts. Gold has outperformed Indian equities for the fourth consecutive Diwali-to-Diwali cycle, continuing a trend where the yellow metal has outperformed equities in seven of the last eight years. Silver also outperformed Indian equities for the third consecutive year, driven by industrial demand from solar panel manufacturing, semiconductors, and electric vehicles.
The price of yellow metal has risen 11.4 per cent so far in September, on track for its best month since August 2011 when it rose 15 per cent boosted by safe haven demand.
