CY22 CAN ARGUABLY BE CALLED the year of precious metals. Absolute returns generated by the asset class have been far better than equities and debt. Superior returns for precious metals are largely due to a weak rupee. In fact, the RBI itself bought 4 tonnes of gold in September to increase its gold reserves to 785 tonnes! The jury, however, is still out on whether the allure for metals will last longer with interest rates on the rise and inflation showing signs of easing.