INDIA WATCH
Reuters/Rajendra Jadhav
“Gold prices in India hit an all-time high on Wednesday, tracking a global rally, as surging coronavirus cases in many countries raised the metal’s safe-haven appeal. Local gold futures hit an all-time high of 48,871 rupees ($646.66) per 10 grams in early trade, taking their gains to 25% in 2020 so far. The contract had gained nearly 25% in 2019.”
USAGOLD note: We can remember when the prevailing mainstream media opinion in India was that the population’s zest for gold would be dampened by weak economic conditions and its price would go into decline. We argued (for the benefit of our many site visitors from India) that if the currency continued to decline gold might continue to rise, as the Indian people would move to protect their wealth. Here we are at all-time highs in rupee terms.
Chart courtesy of TradingView.com
Repost from 7-3-2020
