Gold is a symbol of wealth and holds a deep emotional connect with India’s culture, and has served as a financial support through the years. But as the modern investment instruments become more visible and easily accessible, and high-end consumer goods become more lucrative, the young Indian population is reportedly becoming less prudent to invest in the golden metal. Further, the market facing global economic recession induced by the novel Coronavirus pandemic is unlikely to attract more young consumers at the time when the price of the golden metal is skyrocketing.
If history is a guide, gold has provided positive returns during periods of economic shocks, falling equity markets, high inflation, falling currency rates, and geopolitical uncertainties; however, entry at this point for an individual consumer will be at a higher price point. Gold prices in India rose to ₹48,420 per 10 grams on June 24, this year.
The Reserve Bank of India estimates the GDP growth of the country is likely to remain in the negative territory in 2021, and much will depend on how the curve begins to flatten and moderate. But why is gold performing at an all-time best during this uncertain period, and what does it mean for the investors in gold?
This story is from the July 2020 edition of Outlook Money.
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This story is from the July 2020 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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