Gold purchases by Indians this year are forecast to tumble to a record low as the coronavirus pandemic hurts the economy and prices surge to all-time highs, according to the World Gold Council.
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Why There’s More to Gold’s Rally Than Inflation Fears – Gold Silver Reports
Bullion is best known as a time-honored haven from inflation, but there’s more to its appeal, and plenty of conflicting forces at work that can excite commentators and investors.
U.S. Mint Has Reduced the Volume of Gold and Silver Coins – GSR
The U.S. Mint has reduced the volume of gold and silver coins it’s distributing to authorized purchasers as the coronavirus pandemic slows production.
Investors Keep Buying Gold, Real Interest Rates Boost Case for Gold
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Gold Prices Hit New Highs in Global Markets – Gold Silver Reports
Gold is off to a strong start this week in Indian markets after posting strong gains in the previous week. On MCX, August gold future prices rose 1.5% or ₹800 to a record high of ₹51,833 per 10 gram, tracking a global rally. Silver prices also rallied today. Silver futures on MCX gained 5.5% or ₹3,400 to ₹64,617 per kg. In the previous week, gold prices had surged 4% while silver had jumped 15%.
Gold Prices May even Head Higher Despite 30% Gains This Year
Gold prices in the spot market on the Multi Commodity Exchange of India Ltd (MCX) surged to ₹50,700 per 10 gram on Thursday. Year to date, the prices are higher by 30%.
India Flips To Discount On Physical Gold Amid Low Demand, Record Price
In India, dealers offered discounts of up to $6 an ounce over official domestic prices in thin trade, versus last week’s $2 premium. Domestic gold futures soared to a record Rs 50,948 ($681.21) per 10 grams on Friday.