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Below is the Gold Quote on Akshaya Tritiya by Mr. Rahul Gupta, Head of Research-Currency, Emkay Global Financial Services
“Due to Coronavirus lockdown and physical gold shops being closed, this Akshaya Tritiya we may see subdued demand in gold. However, the economic uncertainty and recessionary impact of Coronavirus in global economy will push the overall gold prices higher. Technically, intermediate corrections will be seen on gold but the trend will remain positive until prices trade above 44000 in the domestic markets. Expect prices to test 47300/48550 levels until then. Also, we may see a surge in SPDR holdings. Holdings in SPDR Gold Trust, the world's largest gold backed ETF stood at 1042.46 tonnes as of 22nd April 2020 which is a surge of almost 8% in April alone. On year to date basis, it rallied around 16.7% from 893.25 tonnes on 31st December 2019.
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