Will gold rate reach half a lakh within 2020 end?Sivaranjani Soundararaj (Author) Published Date : Jul 29, 2020 12:02 IST
Though everyday life is a mess in the CoronaVirus pandemic for the people hindering several occasions like marriage and functions from March due to social distancing norms.
However, the price of gold continues to rise sharply to a level not seen in trade history. This has completely destroyed the ability of the public to buy gold.
In this situation, the price of gold has risen again. As of now, the price of jewellery gold has risen by Rs.24 per gram to Rs. 5037. The pound rose by Rs. 192 to Rs. 40,296. Thus threatening many gold investors to fear whether the pound will reach Rs.50,000 within the end of 2020.
Similarly, the price of 24-carat pure gold is 8 grams at 42312 rupees. Silver rose by Rs 2.00 to Rs 72.90 per gram. Gold prices began to soar in response to increased investment in gold. Investors around the world have turned to safer investments following the industrial downturn. They also invested in gold, replacing investments in the stock market, real estate, and the US dollar.
Right from January 2020 to till date, the pound rate has risen nearly 10,000, which occurred mainly due to the trade wars between China and Iran with America. If this rise in the gold rate continues, there is no doubt that, within the end of 2020, the price will touch half a lakh undoubtedly.