Amidst the time where everything is uncertain. The economy all over the world is dreary, there is just one asset that is looking forward to flourishing in the market.
According to the analyst, a gradual increase is seen for the yellow metal.
On Wednesday, August gold futures climbed a record of Rs.48,589 per 10 gram. Even at the close of Rs.48,232, traders bolted in profits.
Anuj Gupta, DVP–commodities & currencies research said, as quoted, “The trend continues to be positive for gold. The geopolitical tensions, The International Monetary Fund cutting global economic forecasts, will keep the prices in an uptrend. ”
IMF projected that this year the global output can shrink by 4.9 percent and emerging markets by 3 percent. India’s growth for the current fiscal year is estimated to go minus 4.5% from 1.9%.
After seeing the present scenario, the new outbreak of COVID-19 in China, the increasing tension between India and China, can all weaken the currency.
According to Gupta, the yellow metal reaches Rs 50,000-51,000-mark in around the next two to three months. In the global market, the gold market rose the highest in the year 2012 at $1,779.06. It is expected to rise by 0.3 % which is $1,772.43 per ounce.