Gold Price Trend Analysis During COVID-19: May 2020
Gold rate

The gold prices continued their rising trend in May 2020 as the crisis caused by the novel coronavirus does not seem to send any time soon. Also, the speculations over the COVID-19 pandemic not hitting its peak yet have further pushed the gold prices higher. 

The gold price (per 10g of 22 carats gold) opened May at Rs 45,250. It closed the month at Rs 46,010, recording a gain of Rs 760 over May 2020. It recorded its highest of the month on the 20th at Rs 46,600.

The lowest price of gold recorded in May 2020 was on the 12th at Rs 44,300. The gold prices fluctuated a massive Rs 3,300 last month between its two extremes. Overall, the gold price for 10 grams of 22 carats gold shot up by 1.68% in May 2020. 

The price per 10 grams of 22 carats gold opened the current calendar year at Rs 38,200 and has gained Rs 7,810 as of 31 May 2020. 

Also Read: Small Businesses to Seek Gold Loan, Resume Operations Post-Lockdown

When it comes to 24 carats gold, the gold price (per 10 grams) opened May 2020 at Rs 46,250 and closed at Rs 47,010. It recorded its peak of the month on the 20th at Rs 47,600. On the other hand, it was most subdued on the 12th at Rs 45,300.

The difference between the highest and lowest prices of 10 grams of 24 carats gold in May 2020 turns out to be a whopping Rs 2,300. It rallied 1.64% over the last month. The price per 10 grams of 24 carats gold opened the year 2020 at Rs 39,200 and has surged by Rs 7,810 at the end of May 2020. 

The newest pandemic majorly impacts the current market scenario as the business activities have not resumed in full swing as some restrictions continue to apply.

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

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