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The worsening COVID-19 crisis has resulted in gold prices continuing to rise over July 2020. The speculations over if we are already past the pandemic’s peak got the gold prices moving. However, stock markets managed to add some points over the month despite being volatile at times and surge seen in the price of the yellow metal.
The gold price per 10 grams of 22 carats gold opened July 2020 at Rs 47,650. It recorded its highest on the 1st of July when it touched Rs 51,900, which also happens to be the closing price of the month. The price was the most subdued on the 4th of July when it was at Rs 46,450.
Over the last month, the gold price per 10 grams of 22 carats gold increased by 8.92% or Rs 4,250. June 2020 witnessed an increase of a mere 2.78% or Rs 1,280 in the price. As compared to June 2020, the gold price in July 2020 increased by Rs 2,970 or 43.09%.
The price per 10 grams of 24 carats gold marked the opening of July 2020 at Rs 48,650. Over the month, it gained Rs 4,250 or 8.74% to close the month at Rs 52,900. The price recorded its peak on the 31st of July at Rs 52,900. It was at its lowest on the 4th of July at Rs 47,450.
Also Read: Gold Prices Top Rs 54,000: Should You Invest in Gold ETFs?
The price per 10 grams of 24 carats gold increased by Rs 2,970 as compared to June 2020. Over June 2020, it zoomed ahead 2.72% or Rs 1,280. The trend is expected to remain as such at least till the end of this year as there is no specific vaccine yet for the novel coronavirus, which has spread to almost every country in the world with the United States of America, Brazil and India being the worst affected.
Most businesses are impacted, which has caused stock markets to go volatile. Retail investors, to preserve their capital have resorted to investing in safer havens such as gold. This has increased the demand for the precious metal and has automatically spiked its price.
For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in
Engineer by qualification, financial writer by choice. I am always open to learning new things.
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