- Gold rates scaled all-time highs last week
- Analysts say gold is poised for higher levels due to coronavirus
- Domestic spot rate at Rs 52,874 per 10 grams (excluding GST)
Gold has taken a breather following a record-breaking spree that stretched to several weeks. Still, some analysts say gold is poised for higher levels due to the uncertainty around the coronavirus pandemic and its impact on world economy. The value of gold that you buy in the form of jewellery, coins etc., or inherit as an heirloom, keeps changing, just like any other asset class. However, gold has held a special place among many investors, which is why it is considered a save-haven against financial uncertainty, be it from inflation or capital markets.
On August 7, domestic gold futures soared to an all-time high of Rs 56,191 tracking a rally in global rates of precious metals. That was within 25 days of MCX gold futures touching the Rs 50,000 mark for the very first time.
Globally, the price of gold (spot gold) shot up to $2,072.50 per ounce that day.
The closing rate in the domestic spot market hit a record Rs 56,126 per 10 grams on August 7, according to Mumbai-based India Bullion and Jewellers Association Rates (IBJA).
However, gold rates have receded from those record levels.
Latest Gold Price
On Friday, MCX gold futures (delivery on October 5) ended lower at Rs 52,170, having climbed to as high as Rs 52,797 earlier in a volatile session. Domestic spot rate closed at Rs 52,874 per 10 grams (without GST), according to IBJA. Global spot gold settled at $1,945.12 per ounce.
Other than physical gold, there are a number of ways to invest in gold, such as exchange traded funds, gold funds managed by fund managers (similar to mutual funds), Sovereign Gold Bonds and gold derivatives (futures & options). (Also Read: How To Invest In Gold)