Explained: Why India gold prices are at an all-time high amid COVID-19 lockdown

IMG Auteur
 
Published : May 21st, 2020
164 words - Reading time : less than a minute
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...

INDIA WATCH

CNBC/Ankit Gohel/5-18-2020

“Gold prices in India rose over one percent on Monday to hit an all-time high of Rs 47,929 per 10 grams on the MCX amid a sell-off in risky assets and weak Indian currency. The domestic bullion prices surged tracking gains in the international yellow metal prices that were trading at levels highest in more than seven years. Silver futures in India also rallied 4 percent or more than Rs 1,900 to over 48,600 per kg.”

USAGOLD note:  It was not that long ago that some were predicting a collapse of demand and prices for gold based on a perception that India’s citizenry would not buy gold at record-high prices. We differed with that analysis some time ago arguing that demand would remain strong as long as investors in India believed it was a better option than the rupee.  The chart below of gold priced in rupee explains much about India’s current attachment to gold …

Chart courtesy of TradingView.com

Read the rest of the article at USA Gold
<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.