Gold’s parabolic run: Motilal Oswal’s Kishore Narne decodes the rally, silver surge, what investors should know

Kishore Narne, Executive Director at Motilal Oswal, said the recent parabolic run in gold — and the spike in silver — is less about festival buying and more about deeper, structural forces reshaping global markets. In a podcast on YouTube with Sharan Hegde - Founder & CEO, 1% Club, Narne discussed why gold has erupted, why India’s Dhanteras rush isn’t the main driver, and how silver’s industrial role has altered its return-risk profile. Advertisement

Narne argued that gold should be thought of as a currency-like store of value rather than a conventional income-producing asset. “Gold doesn’t pay interest or dividends; its role is to preserve purchasing power when currencies weaken,” he said, noting that much of the recent price rise reflects currency depreciation and a broader flight to s