The precious metal surged to ₹60,455 per 10 gm (excluding 3% GST) on MCX, while the international price hit a 31-month high of $2,009.21 per ounce (32.10 gm).
The price surge of almost 5% in just a week has dampened consumer demand for the precious metal. However, those invested in sovereign gold bonds and gold ETF schemes of mutual funds have seen the value of their holdings rise.
“It’s a flight to safety," said Shekhar Bhandari, president of global transaction banking at Kotak Mahindra Bank. “There is a challenge of liquidity, thanks to rising rates in the US and Europe, and banking crises in those parts of the world, which have turned investor sentiment to risk-off, with riskier assets like stocks and bonds tumbling. This is the best phase for gold, whose safe-haven appeal could continue for the next few quarters."
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