Billionaire Harsh Goenka took to social media on October 13 to comment on the sharp rally in gold prices. This comes as gold prices hit fresh lifetime highs on Monday, resuming its earlier bull run after some sessions of profit booking.
In a post on social media platform X, the Chairperson of the RPG Group
explained how the price of gold has surged over the years. He claimed that in 1990, the price of one kilogram of gold was equivalent to a Maruti 800 car. In 2000, it was worth as much as a Maruti Esteem. Then it was worth the same as a Toyota Innova in 2005, a Toyota Fortuner in 2010, a BMW in 2019 and a Land Rover in 2025.
'Lesson: Keep the 1 kg gold'
"Lesson: Keep the 1kg gold- in 2030 it may equal a Rolls Royce car and in 2040 a private jet," he concluded. In the domestic markets, the price of one kilogram of 24 carat gold currently stands at around Rs 1,25,40,000. Notably, Land Rover prices in India range between Rs 63.37 lakh to Rs 4.25 crore.
Gold at lifetime highs:
Gold futures hit fresh lifetime highs on October 13. This comes as the yellow metal remains in focus ahead of Dhanteras. Notably, the sharp rise was also triggered by the rising US-China trade worries, after US President Donald Trump announced that he would impose an additional 100 percent tariff on imports from China, as well as export controls on critical US-made software.
Gold's future contracts with December expiry on the Multi Commodity Exchange of India (MCX) jumped more than 2 percent to hit an all-time high of Rs 1,23,977 per 10 grams on Monday. The contracts with February and April expiries meanwhile jumped over 2 percent each to their respective highs.
Should you buy gold at these levels?
Swapnil Aggarwal, Director of VSRK Capital, reiterated Goenka's view, and advised investors to hold onto what they already have in the current market, where gold and silver prices are trending at record-high levels. For those who haven't entered yet, a systematic investment approach is advisable, he said.
"For example, if someone has Rs 100 to invest, they can divide it into 10 transactions of Rs 10 each. Suppose they invest Rs 10 when gold is at Rs 1,25,000 per 10 grams or silver at Rs 1,53,000 per kilogram. If silver experiences a 5%–10% decline, they can invest another ₹10–₹20. If prices rise, they can simply wait and watch. This strategy is based on the principle that when demand is strong and supply is limited, prices naturally rise—it's simple mathematics," he explained.
"In the case of individuals with high-risk bearing capacity, one can very well entertain a possibility of investing 50%–70% of the amount that one wishes to invest now. Silver, however, with higher potential returns, is riskier than gold since the market size is less and no support of the central banks is provided. So, a systematic, disciplined investment strategy will avoid risk accumulation as well as take advantage of potential profits in the precious metal market," he added.
Also read: Gold at new lifetime high, silver futures rise up to 4% ahead of Dhanteras
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
