Below is the Quote On GOLD by Mr. Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking Ltd
"Gold, the safe haven asset, the yellow metal, the go to asset for investors in times of uncertainty has been on a ride with absolute returns of more than 34% 2020 YTD. Low yields in the US treasuries, low interest rates and massive amount of liquidity pushed by major central banks across the globe has resulted in euphoria for the yellow metal.
For the first time in the past 10 years, gold prices in the international markets have touched all-time highs of $2050 per ounce while on the MCX, gold futures have been trading at Rs.55,500 mark the lifetime highs for the yellow metal and trades in an unchartered territory. The pandemic has slowed the global economy drastically because of which the belief of the investors is surmounted to the precious, safe haven, gold and this faith will continue to bring in more momentum in gold prices in the months ahead, unless, global economy shows any signs of green-shoots of recovery."
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