Gold prices have risen by 30% this year
TIMES NEWS NETWORK
Ahmedabad:24.07.2020
Continuing its upward rally over global factors, gold price touched a new record high on Thursday at Rs 52,500 per 10 gram in Ahmedabad, including 3% goods and services tax (GST). With this, gold clocked a 30% rise in prices this year, against Rs 40,300 per 10 gram on January 1. Analysts attribute the rise in gold prices to the surge in fresh cases of coronavirus coupled with a depreciation in the US dollar.
Yellow metal price surged by Rs 600 in a single day, against Wednesday’s Rs 51,900 per 10 gram. “Demand for gold as a safe-haven investment has increased amid rising uncertainty in the economic situation globally, in the wake of the ongoing crisis. Equity markets globally are highly volatile and that has also caused a greater shift towards gold,” said an Ahmedabad-based bullion trader.
Industry players said that the demand for bullion has shown a rise in the past one month as gold prices are on an upward trend. However, jewellery purchases have shown a drastic decline, with even steep discounts failing to woo customers.
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