By Navneet Damani Aug 3, 2020 4:01:11 PM IST (Updated)
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Gold prices along with silver had a fantastic run in the last few months, all the factors that have been active for a long time are working together helping the bullion to rally towards fresh lifetime highs above $1920 level, previously hit in 2011. Silver too is breaching barriers like flowing water boosting market participant’s confidence.
Gold prices along with silver had a fantastic run in the last few months, all the factors that have been active for a long time are working together helping the bullion to rally towards fresh lifetime highs above $1920 level, previously hit in 2011. Silver too is breaching barriers like flowing water boosting market participant’s confidence.
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Deepening negative yields and fall in dollar index also fuelled a frenetic rally in gold boosting the precious metal toward the record. Central bank stimulus measures, the rapid increase in COVID-19 cases, the US-China trade war and other geopolitical uncertainties gave wind to the raging forest fire.
There are many supportive factors for the current bull run and what could continue to drive the metal for the next couple of medium term. Some of the factors are:
Going into 2021, the prices of gold are expected to extend its bullishness by another 25 percent to test a fresh all-time high level of $2,500. We expect domestic gold to test Rs 67,000 towards the end of 2021.
- By, Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services.
First Published: Aug 3, 2020 4:00 PM IST
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