Gold prices went up by 0.6 percent in the international market on Friday amid falling bond yields and a weaker US dollar.
At 1230 hours GMT, gold in the international market was trading at $1,795.20 an ounce after gaining $10.30 an ounce in its value as compared to its closing value on Thursday last.
Resultantly, the price of yellow metal in the country went down and the price of 10 grams yellow metal was recorded at Rs88,600 after gaining Rs900. The price of 10 grams gold was recorded at Rs87,700 on Thursday last.
According to commodity experts, gold could rise further from current levels. They say that small saving schemes yield going below the rising inflation rate and rising Covid-19 fear may once again help precious bullion boost its safe-haven appeal. They see the possibility that in the next two to three months, the precious metal may go up to $1,800 to 1,820 per ounce levels.
They said that rising Covid-19 cases are once again putting fear among the investors and they are looking at gold as a better investment option.
In a report Thursday, Georgette Boele, senior precious metals strategist at ABN Amro, reiterated her bearish outlook for gold. The Dutch bank expects gold prices to average around $1,750 an ounce in the second quarter. “The outlook for gold prices remains negative as long as prices are below USD 1,850 per ounce,” she said.
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