Gold price in the domestic market continued their upward move and traded higher by 0.38% at Rs. 49048 per 10 gm. In the previous day's trade, gold hit a high of Rs. 49,230 per 10 gm.
So far the rally in gold has been primarily aided by
1. Spike in coronavirus cases that led to uncertainty on global economic front
2. Global stimulus measures being provided by central banks
3. Low interest rate regime
4. Vaccine for Covid 19 still under trial stage
But this time there has been tremendous investment demand for the precious yellow metal meaning to say in ETFs wherein the H12020 have seen a record inflow which has surpassed the levels seen in the whole of 2016.
Outlook for Gold Prices By 2020 End
Given the momentum in the metal and uncertainty in the long run even as economies across the globe have been offering stimulus to bail out the economy is promising. And the precious metal is seen to scale to levels of $1900 per oz in the international markets and Rs. 52000 per 10 gm by the end of 2020.