The economy has been affected at the time of lockdown and unlock, but the gold shine remained intact. Even after the discontinuation of all business activities, the price of gold rose sharply. In the two months before the lockdown, there was an upsurge in the prices. Now all records have been broken. Gold traders estimate that prices will skyrocket in December. Because, at that time, the season of weddings and other events will begin.
The reason for inflation is that in the COVID-19 crisis, the demand for gold has increased rapidly. In January and February, the price was 41 thousand per 10 grams, which reached 50 thousand in April-May. There was a lot of buoyancy in the business. During this period, 10 to 12 per cent more purchases were made. During this period, the price was around 38 to 41 thousand. 200 to 250 tonnes of gold were sold in India, while in Delhi about 25 tonnes were sold.
In view of the increasing transition of COVID-19, as soon as the lockdown was announced, there was a sudden jump in the price of gold. People felt that the more you accumulate during the time of captivity, the better. During this period, the turnover of jewellery was only 2–5 per cent, but the price increased from 41 thousand to direct 50 thousand. The demand did not increase, but the price of gold reached the sky. Around 1-2 tonnes of gold were purchased during this period.
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