Gold prices on Monday extended gains for the fourth consecutive day to hit a new lifetime high of Rs 48,289 per 10 grams (24 carat) in the Mumbai bullion market as rising Covid infections across the world prompted investors to accumulate the yellow metal. It later retreated to Rs 48,050 per 10 gms during the day. The 22-carat gold was quoted Rs 44,087 per 10 grams.
Gold prices have rallied over 15 per cent during the year 2020 and nearly 25 per cent in the last one year.
Nish Bhatt, founder & CEO, Millwood Kane International, said, “The dream run of the yellow metal continues as it hit a fresh one-month high earlier in trade today. Gold prices hit a high of 48,289 per 10 gm in early trade before cooling off to Rs 48,050 per 10 gm. Gold is traditionally used as a hedge against inflation and risk aversion is helping the rally.”
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