Hyderabad: After steep fall, gold prices surged again on Friday gaining 0.15 per cent.
Gold was trading at Rs. 44315 per 10 grams. This month, the rate of yellow metal had dropped to Rs. 38, 977 for 10 grams in the wake of coronavirus scare.
Experts said pandemic has always led to the increase in the price of yellow metal, but this time it was not the case.
Though the price of gold is gaining for the past two days, it’s still trading Rs 5000 less compared to its recent high.
“People are more worried about the essential commodities and not thinking of buying gold. Airline tickets have crashed, oil prices plummeted and now gold prices have dropped”, said Satish Agarwal of Kundan Jewelers.
It is to be noted that the global economy has slowed down in the wake of coronavirus. Oil prices have witnessed the biggest crash since 2002. A barrel of oil was trading at the US $20.37 This is because of the coronavirus pandemic and travel restrictions.
“Due to the pandemic, there is uncertainty in the market. There is also a fear of recession. Usually, investors buy gold during such situations. I can say gold prices may increase in the coming days,” said Agarwal