Gold Scales To Record High Of Rs. 45,020 Per 10 gm, May Scale Further

As per the IBIA or India Bullion & Jewellers Association, gold prices on the last trading day of the last week i.e. on April 9 quoted at its highest price of Rs. 45,020. This is similar to the price seen at the time of demonetisation in November 2016 when metals were being sold at a premium of more than 50%.

In 2009, gold was priced at Rs. 30,000 per 10 gm but because of the scrapping of the high value notes was being sold at very high rates of anyway between Rs. 40,000- Rs. 45000 per 10 gm.

In the international markets also gold again scaled to 7-years high as jobless claims increased exponentially over a period of 3 weeks to 17 millions and there was a stimulus aid announced by the US government which has seen a worse situation due to Covid 19.

Some of the reports suggest increasingly portfolio to 30% as soon gold can scale to Rs. 50,000 per 10 gm.

Spot markets in India are shut due to nationwide lockdown which is to be further extended due to increasing cases to curb Covid 19 spread.

On the MCX, in Monday's trade gold may likely to gain on expectations of stimulus as well as loosened economy in most parts of the economy.

GoodReturns.in