Joy Alukkas, an Indian billionaire, believes gold prices will continue to rise over the next 2-3 years due to global geopolitical and economic risks.
The owner of Joyalukkas Group, which has over 200 stores across the UAE, India, US, and elsewhere, says his company is sitting on nearly 16,000 kilos of gold inventory.
Alukkas attributes the recent surge in gold prices to a world hit by risks, including the US attacks on Iran and surprise retaliatory drone strikes on Dubai.
He notes that gold prices can fluctuate in response to regional events, but bigger global triggers like US interest rates, the dollar, inflation, and global investor confidence are needed for a sharp and sustained move.
Alukkas' comments come as gold has surged more than 75% in a year to trade above $5,000 an ounce and hit a record in January.
Despite the recent volatility, Alukkas remains bullish on gold, saying it will continue to rise in the long run and that his company's long holding history provides resilience against price fluctuations.
