As Diwali festivities are around he corner, it begins with the arrival of Dhanteras, which falls on Friday, the 13th of November this year. The day is considered auspicious buying of gold, silver and utensils. No doubt, gold has been the best performing asset this year, rising nearly 30 percent from the start of 2020. The uncertainty brought by COVID-19 pushed investors to park their funds in a safe haven asset like the precious metal.
On Tuesday 27 October, , the Gold medal was trading at Rs 50,731 per 10 grams on Multi Commodity Exchange, which is a healthy correction looking to the over Rs 55,000 levels seen in August. In spite the correction, gold prices in India are still spurting at over Rs 50,000 per ten grams levels. With rates at such historic levels, are you ready purchase gold in Dhanteras 2020?
According to a strategist's report on Daily-forex based on technical analysis of gold rates in the international markets, the prices are expected to remain On Tuesday, US spot gold rates were trading at USD 1,908.02 per ounce. An economist at OCBC Bank, Howie Lee, was quoted saying that while gold's appeal as a safe haven is still in play due to a rise in COVID-19 cases in around the world, it is likely to stay close to the USD1,900 level until the U.S. presidential election outcome becomes clearer.
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