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Gold rose by Rs 3885 in 3 lockdowns, 50 in the fourth!

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Gold, which was mostly flat-footed in Lockdown-3, suddenly changed gears on May 15 and reached all-time record levels. Gold and silver prices saw a big jump on Friday. 24-carat gold price reached a new peak of Rs 47067 per 10 grams. Gold has jumped Rs 3885 per ten grams in the first three lockdowns.

Gold Lockdan 1.0 Lockdown 2.0 Lockdown 3.0
24 carat 2610 121 1154
23 carat 2600 121 1150
22 carat 2280 0 1157

Figures Rs 10 per gram, Source: Ibjarate

If you talk about the prices of gold and silver during lockdown, then 24 karat gold rose 2610 rupees in the first lockdown between March 25 to April 14, while there was only increase of Rs 121 between the second lockdown (April 15 to May 3). . In the third lockdown (May 3 to May 17), gold created a new history, reaching an all-time peak of Rs 47067. During this time, the price of gold increased by a total of Rs 1154.

date 24 carat gold price 23 carat gold price 22 carat gold price
15 May 47067 46879 43113
4 May 45913 45729 42056
13 April 46034 45850 42056
25 March 43424 43250 39776

Figures Rs 10 per gram, Source: Ibjarate

Many records made and broken in lockdown

Gold for the first time reached a new peak of Rs 45201 on 9 April. Four days later this record was broken and on 13 April, gold reached Rs 46034 per ten grams. Gold set a new all-time record on this day, but it also collapsed on 15 April. Gold reached another new peak of Rs 46534 per 10 grams. This record also broke the very next day on 16 April and the price of 10 grams of gold was Rs 46,928. After this, gold reached a new record of Rs 47067 on 15 May.

How far can gold prices go?

In the year 2020, we can see the price of gold up to Rs 53,000 per 10 grams. There are several factors at the moment that give emphasis to this notion. Such as the reduction in policy rates by central banks around the world, indicating that the economy is in a deep recession and gold is known as an alternative to safe investment. Investors’ trend has also increased in gold amid a steep fall in the stock market. Which has boosted the demand. Heavy buying by Gold ETFs is a direct sign of this.

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