Gold Prices Run Up For 4th Day; Estimated To Scale Rs. 50000 Levels By 2020 End

Gold prices in India continue to gain for the fourth straight day defying trend in the overseas market and made an high of Rs. 46900 in early trade today in futures market.

On Friday (April 24, 2020), June gold contract ended at Rs. 46527, up 0.22% or Rs. 100.

In Monday's trade, international gold prices declined as equities gained but stimulus measures curbed the losses.

Gold Prices Run Up For 4th Day; Estimated To Scale Rs. 50000 Levels By 2020 End

Spot gold declined by as much as 0.3% to $1722.49 per ounce while the US gold futures surged 0.4% to $1,742.60.

The decline comes as the US dollar against a host of currencies traded weak though stood close to 3-week high.

In early trade, shares in the Asian markets started on the positive note as the earnings seasons kicks-in as well as there are expectations of further stimulus measures to restore world economy in turmoil due to Covid 19 outbreak.

Outlook for gold price by 2020 end

Back home, as the impact of the Covid 19 as per IMF's estimates will be felt in 2021 as well, gold is seen to rally and as per analysts by the year end may hit levels of Rs. 50000 per 10 gm.

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