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World Gold demand rise by 1% at 1,083.8t in Q1 2020 same compaired to last year, according to the World Gold Council’s latest Gold Demand Trends report.
The global COVID-19 pandemic fuelled safe-haven investment demand for gold, with gold-backed ETFs attracting huge inflows But the retail sector has weakened sharply. demand for Jewellery has hit hard , demands have dropped 39% to a record low of 325.8t. Investing In Gold & Silver explained in easy langauge at www.MoneyEstate.in The gold price reached a new record high in Indian rupees and Turkish lira, among others. But Corona pandemic has slashed jewellery demand as global governments imposed lockdown measures. Demand fell to previously unseen lows, led by a 65% decline in China – the largest jewellery consumer and the first market to succumb to the outbreak. “Gold demand will continue to feel the effects of COVID-19 for the rest of 2020. In particular, the divergence between investment in gold-backed ETFs and consumers via jewellery will likely continue until there is greater economic and market certainty.” Investing In Gold & Silver explained in easy langauge at www.MoneyEstate.in The key findings included in the Gold Demand Trends Q1 2020 report are as follows: Overall demand grew in Q1 by 1% year-on-year to 1,083.8t Total investment demand increased by 80% year-on-year to 539.6t Total consumer demand decreased by 28% from 791t in Q1 2019 to 567.4t in Q1 Global jewellery demand fell by 39% to a record low of 325.8t Central banks net buying fell by 8% year-on-year to 145t Bar demand weakened to 150.4t, a year-on-year decline of 19% Demand in the technology sector fell 8% to a new low of 73.4t Total supply dropped by 4% year-on-year Read more at : https://www.gold.org/news-and-events/press-releases/q1-gold-demand-supported-covid-19-fuelled-safe-haven-investment Bloomberg Quint reports : Gold, Silver Race Higher on Fear of Second Virus Wave Gold jumped toward its peak in April, when prices hit the highest since 2012, after bleak U.S. government data underscored how hard coronavirus-related shutdowns have hit the world’s largest economy. Futures posted the highest close to a week since October 2012 after U.S. factory production plummeted in April by the most in records back to 1919, and a gauge of U.S. retail sales plunged through the record set just a month earlier. “Everybody must have realized it, but it’s just more evidence that the reality is this is a pretty bleak economic picture right now,” Phil Streible, chief market strategist for Blue Line Futures LLC, said by phone. “People are continuing to pile into gold because that weak economic picture is going to continue to drive interest rates lower.” Gold futures for June delivery settled 0.9% higher at $1,756.30 an ounce as of 1:31 p.m. on the Comex in New York, after climbing as much as 1.2%. Spot prices topped their 52-week high, heading for the highest close since November 2012. Investing In Gold & Silver explained in easy langauge at www.MoneyEstate.in Silver also got a stronger bid, rallying to the highest in over two months. The two precious metals have been lifted after U.S. Federal Reserve Chairman Jerome Powell warned earlier this week that the pandemic will take a heavy toll on the economy. Fears intensified on gloomy American unemployment data Thursday, and as President Donald Trump said he doesn’t want to talk to his Chinese counterpart Read more at: https://www.bloombergquint.com/markets/gold-silver-have-breakout-on-growth-and-second-wave-virus-fears Moneycontrol reports : Gold prices likely to touch Rs 50,000-55,000 by end of 2020 The precious metal known to be anti-inflationary retains its purchasing power parity during a global economic crisis. Gold has good liquidity right now and from the safety perspective seems to be the only option in front of people. Investing In Gold & Silver explained in easy langauge at www.MoneyEstate.in After giving a return of 23.74 percent in 2019, gold is likely to continue its upward trajectory, and prices are likely to touch $1,800/ounce, or around Rs 50,000-55,000 per 10 gram in rupee term by the end of 2020. The prices are likely to shoot up in the next two-three years with fear, speculation and uncertainty around the current economic situation. The precious metal has gained Rs 6,794, or 17.31 percent in 2020 so far. The precious metal has so far given a return of 15.19 percent in 2020. Read more at: https://www.moneycontrol.com/news/business/commodities/gold-prices-likely-to-touch-rs-50000-55000-by-end-of-2020-5141861.html
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