25% surge in gold prices in two months
Amidst the escalating US-China trade tensions and investors becoming jittery over the economic harm caused by covid-19, gold prices in India hit a record high for the second day in a row on Monday. Gold prices have risen from its March low of Rs 38,500 to Rs 47,929 per 10 grams. Meanwhile, silver futures were trading 3.4% higher at ₹48,298 per kg.
“Gold has emerged as one of the best performing asset classes in 2020, gaining 15% year to date with prices hitting an all-time high in India,” stated Ajay Kedia, MD, Kedia Advisory told Financial Express Online. Anuj Gupta, Deputy VP- Commodities & Currencies Research, Angel Broking Ltd stated “In international market gold was trading above its 7-year high level of $1760. As expected, safe-haven demand supported the gold prices”.
According to experts, investors can look for the investment in the yellow metal as gold will continue to be in the limelight.