Sheth said gold prices are likely to stay between $3,800 and $4,600 per ounce, with limited upside unless new market triggers emerge. “For it to move towards probably $4,800–5,000 per ounce, you will require a bit more push from newer factors,” he noted.
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On the domestic front, Sheth said India has seen strong investment and ETF demand for gold in recent weeks. “Indians like a rising asset, and that’s why we’ve seen that despite this fall, people didn’t rush to the gold shops to buy,” he said. He added that November sales could also remain firm with prices stabilising and the wedding season underway.
He expects central bank gold buying to stay robust, at 800–1,000 tonnes in 2025, as more countries view gold as a strategic reserve. “More and more central banks are looking at increasing gold holdings,” Sheth said, noting that many aim to keep 5–10% of their FX reserves in gold amid ongoing geopolitical uncertainty.
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Turning to silver, Sheth said the metal has stronger fundamentals than gold and could reach $58–60 per ounce next year. “We have been bullish for silver for at least two, three years now,” he said. “Given the market deficit, newer demand, and investments in AI and newer technologies, silver demand should stay strong.”
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