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Investors get the gold bug
The yellow metal has emerged as the most valuable asset class in the world as dollar and other currencies remain beaten down in value and status.
Gold prices have touched unprecedented levels this month, surpassing Rs 18000 per 10 gm. The yellow metal has emerged as the most valuable asset class in the world as dollar and other currencies remain beaten down in value and status.(AP photo)
Investors are investing in gold as they seek to protect themselves from the dollar currency risk. The depreciation of dollar against major currencies and currency risk have been important contributors to higher gold prices.(NYT photo)
Many commodities are traded in dollars so when the dollar weakens it makes the price of commodities more attractive for foreign investors. The dollar has dropped out of favor with investors as the Federal Reserve continues its policy of keeping interest rates at historical lows in an effort to stimulate the economy. (AP photo)
Earlier, RBI bought 200 tonnes of gold from the International Monetary Fund (IMF) for over $6.7 billion that spurred an investor frenzy for gold, pushing the yellow metal prices to almost $1200 by the month end. Following India, Sri Lanka’s central bank also bought 10 tonnes of gold from the IMF for $375 million. (NYT photo)
However, the sale of gold jewellery has taken a huge hit inspite of the ongoing wedding season. Soaring prices have adversely affected the business of jewelers as demand for ornaments has witnessed a fall by at least 25 per cent this season.(NYT photo)