The yellow metal will shine even more as the Gold prices are likely to hit a high. The price for 10 grams of gold is expected to reach Rs 63,000 by 2023; this means Gold will be more lucrative than the American dollar.
When the pandemic struck, markets uncertainties brought the focus on Gold as the safest investment. The price back then had touched Rs 56,191 for every 10 grams at MCX and US dollars 2,075 for an ounce in the global markets in the month of August.
Then sudden changes in the global monetary policies got the lowest interest rate and unparalleled liquidity which rose in the middle of 2019, gave impetus to the yellow metal in all currencies, pouring investors to invest in Gold.
Commtrendz Risk Management Services CEO Gnanasekar Thiagarajan told PTI that the year had begun with gold price for 10 grams at Rs 39,100 and hit a low of Rs 38,400 during the pandemic but this price was only for a short period. Later it bounced back to Rs 56,191 attracting domestic buyers as an investment.
He further added that the demand from India and China will be massive in this fiscal year, expecting prices to be at Rs 60,000 or USD 2,200. It all depends on the stability of the Rupee.
Somasundaram the MD for World Gold Council stated the price rise and issues in the logistics due to a series of lockdowns had hit the consumer demand across all markets. In this fiscal year, Gold will be at the focal point as Global Central Banks have promised to keep the charges low and aid liquidity to help growth.