On 13th April’24 when we gave a buy recommendation on Gold when it was trading at 2345 levels, we didn’t know how soon we will be close to our profit target of 3000 levels. Could it be a starting point for a larger rally in Gold prices driven by geopolitical changes, US government’s desire to revalue gold reserves as well as Trump’s objective of a weaker dollar to incentivise manufacturing in US. Or it is the beginning of a consolidation period around 3000 odd levels. We look at recent factors driving Gold prices and then try to reach a conclusion on predicting near term price patterns. We believe that with Asian investment and central bank demand appearing resilient, the downside risks to gold are relatively modest, while further upside may be limited by the fact that Comex inventory will soon be levelling off. We think a period of consolidation ahead is most likely before prices move higher later in the year. In fact, some consolidation around 2800-3000 levels might be a healthy starting point for a larger rally to 4000 odd levels. But for the time being, we believe in taking chips off the table if we breach 3000 odd levels in a short squeeze or another Trump led event. We will further revaluate entry points when we get better comfort on margin of safety. We see more safety in Silver at current levels where had given a buy recommendation on 15th Nov’24. We remain invested in Silver for a target level of 40 levels.