Gold: The Safe Bet In 2023

The vellow metal had an impressive run in 2022 as itemerged as a safe haven due to rising inflation. eeopolitica crisis and recession fears. The trend is likely to continue in 2023.

- By P.B. Jayakumar

TWELVE-YEAR-OLD Anand Balachandran, son of Omanbased engineer V. Balachandran and his accountant wife Sudha Pillai, literally breathes and sleeps football. As the Qatar FIFA World Cup began, Anand, who plays for his school team and is an ardent fan of Lionel Messi and Cristiano Ronaldo, wanted his parents to take him to Qatar to see his heroes in action. But entry tickets were not available, and, moreover, the couple was not in a position to avail leave.

On his birthday in the first week of December, Anand’s parents surprised him with a football-shaped platinum pendant with a thick gold chain from a limited edition football jewellery collection. “It cost us over ₹1 lakh. We know he won’t be able to use it regularly, wear it to school or playgrounds, but he will cherish this birthday gift forever. Actually, our plan was to buy it as a saving for his future studies,” say Anand’s parents, both working in Oman for the last 10 years.

And they are no exception. Gold is set to emerge as one of the most preferred savings instrument for 2023. Experts say more and more people are increasingly looking to invest in non-physical forms of gold, and other precious metals, including platinum, silver and laboratory made gems and jewellery. “While gold jewellery continues to be the most-preferred investment option, we are seeing an uptick in demand for platinum, diamond and dual-tone platinum jewellery designs, which are likely to continue in the New Year,” says Ramesh Kalyanaraman, executive director, Kalyan Jewellers.

The Investment Option