Gold Investment Delivered Nearly 50% Returns in Past One Year

SEATTLE (Scrap Monster): Gold has offered nearly 50% returns to its investors over the past twelve month period. The prices of the yellow metal continue to surge every passing day, as the world economy continues to be rattled with fears of uncertainties on account of Covid-19 pandemic crisis. The prices have surged higher by nearly 5% during the past one week alone.

Over the past eighteen months, gold has delivered the best returns on investment. The economic uncertainties, mainly fuelled by Covid-19, led to rally in international gold prices. The domestic gold prices witnessed strength, triggered by falling value of rupee against dollar.

The India gold prices swung to discount, as prices continued its strong rally. The dealers offered discounts of up to $6 per ounce over official domestic prices, amidst lacklustre demand.

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Meantime, jewellery industry expects consumer demand for gold to see further decline, due to unprecedented high prices. The demand has been very sluggish even after lifting of lockdowns in several parts of the country. The wedding purchases too have been minimal, due to postponement of marriages. The consumers are seen waiting for prices to settle, before they take any buying decision, said Anantha Padmanabhan, Chairman, All India Gem & Jewellery Domestic Council.