Gold prices surged to a record high
Published On: Tuesday, June 23, 2020 | By: Team KnowMyStock
Gold prices surged to a record high in India today( 22nd June 2020), as safe-haven bets remained in vogue in light of the coronavirus pandemic that has led to an economic slowdown across the globe. The escalated geopolitical tensions between India and China also drove the recent leg of the rally for the yellow metal in the domestic market. Analysts believe the rally for gold is here to stay and foresee a firm trend in the near term.
On MCX, August gold futures rose to a record high of Rs 48,289 per 10 gram. It retreated to Rs 47,689 per 10 gram at close, as traders locked in gains. It has risen around 23.2 per cent for the year to date.In 2019, gold prices had risen 24.5 per cent over the entire year.
“The gloom around the pandemic has been a major driver for the gold prices this year. A bleak economic outlook for US has provided added support ,” said some experts.
Also they expect the domestic gold prices to breach Rs 50,000 mark over the next three months and Rs 47,700-47,200 is a good support level for gold.
Global prices for the yellow metal are up around 15 per cent for the year to date, as investors flocked to safety amid concerns over widespread slowdown in world economy, coupled with unprecedented amounts of government and central bank stimulus that has raised concerns on inflation.
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