Gold’s 13% YTD returns comparable with Sensex. Should you buy as valuation worries weigh on equities?

Gold dropped 6% on July 23 after Finance Minister Nirmala Sitharaman reduced the customs duty on gold and silver to 6%. Although prices have partially recovered, they remain 2% below the levels seen a day prior. Meanwhile, international gold prices have increased by 4%. Despite this, gold prices have risen by approximately 13% in 2024, compared to a 14% gain in the Sensex.