Gold has been trading above $1,860 per ounce, it’s a 5-month high where the gold prices are now trading and the decline in equities is one reason for this.
Also, the US dollar and the US Treasury yields declined a bit and that clearly has been supportive for gold prices.
There is a shift towards safe haven assets as we have seen, not just in commodities but in currency markets as well, and that has also been supportive.
There are economic and policy-related uncertainties and apart from that, global inflation is also hitting a decade high for various countries, that has also led to inflation hedge come in, in case of gold.
Also the physical buying has been on the stronger side, China is buying, India buying has been on the stronger side as well. This is the best quarter, industry tells us, in last five years that we are seeing in case of India and not just imports and consumption, but the Indian jewellery exports have also run up quite strongly.
Exports are nearly 16 percent higher than in 2019 so that is the kind of run-up and interest that is seen in gold and various products of it.