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Investors can buy gold to diversify risk: Quantum AMC

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The price of gold ended 0.7 percent lower last month, supported by a falling rupee and festive demand for Diwali and Dhanterassaid Quantum Asset Management Company (AMC).



On the other hand, prices of yellow metal in international markets fell by two percent, ending near $1,638 an ounce in October 2022.

The drop in gold prices was the result of higher-than-expected September readings of US consumer price inflation (CPI) and US core spending on personal consumption (Core PCE) at 8.2 percent and 5.1 percent, respectively, leading investors to anticipate aggressive policy moves from the US central bank, Quantum AMC said.

Gold enters November and expects the US Federal Reserve‘s fourth straight increase of 75 basis points as the latest data from the US economy shows that consumer spending, job openings, wage growth and inflation expectations have not cooled down.

As gold fell for the seventh time in a row in October, current prices may provide a good entry point for gold investors to take advantage of the rise in prices driven by the recession, risk aversion and end-to-rate gains that will eventually follow. Quantum AMC said.

According to Quantum AMC, indicative of prevailing global uncertainty and the need for diversification, global central banks bought a record 399 tons of gold ($20 billion) in the quarter and brought full-year purchases to 673 tons, the highest since 1967. .

Investors too should recognize the risks in the current economic environment and diversify their portfolios with a gold allocation, it added.

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