Gold Price Trend Analysis During COVID-19: June 2020

The gold prices continued their upward run in June 2020. The ever-increasing number of COVID-19 infections in the United States, Russia, Brazil and India, coupled with volatile global cues, have led to the bullish trend in the gold prices. The fact that the situation has gotten better in Europe and Oceania has not had a significant impact so far. 

The gold price (per 10 grams of 22 carats gold) opened June 2020 at Rs 46,070. It ended the month at Rs 47,350, gaining 2.77% or 1,280 points. The price was at its highest on the 20th of June when it recorded Rs 47,400 per, while it was most subdued on the 6th of June when it had fallen to Rs 44,620. 

From the start of the year 2020 until the 30th of June, the price per 10 grams of 22 carats gold has jumped a whopping 23.95% or Rs 9,150. The prices have been volatile throughout the year, but the monthly gains have always been in the favourable terrain over the calendar year so far. 

Also Read: Gold Price Trend Analysis During COVID-19: May 2020

The gold price (per 10 grams of 24 carats gold) started June 2020 at Rs 47,070, and it wrapped up the month at Rs 48,350. Over the month, it zoomed about 2.71% or 1,280 points. It recorded its monthly highest on the 20th of June at Rs 48,400 while it was at its lowest on the 6th of June at Rs 45,620. 

As of the 30th of June 2020, the gold price per 10 grams of 24 carats gold went up by Rs 9,150 since the start of the year 2020. It opened the year at Rs 39,200 and expanded by 23.34% at the end of June. Given the trend noted since the start of the year and worsening health parameters, gold is expected to continue its merry ways.

Businesses resuming their activities, and reducing border restrictions are encouraging signs when it comes to stock markets. However, it is still unclear if we are past the peak of the COVID-19 pandemic. 

For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in