Current rally in gold price can be attributed to the new Covid variant strain, say commodity market experts
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Gold price future on MCX (Multi Commodity Exchange) on Friday shot up ₹219 per 10 gm. The December expiry contract on Friday ended at ₹47,640 per 10 gm, logging around 0.50 per cent rise from its previous close. According to commodity market experts, this rise in yellow metal price is due to the new Covid variant concern that led to heavy selloff in the global equity markets. They said that outlook for the precious metal is already bullish as rising global inflation, dovish stance of the US Fed on interest rate hike and depreciating Indian National Rupee (INR) against the US Dollar (USD) are already supporting yellow metal shine. They expected sharp rise in the yellow metal price and advised gold investors to buy the precious metal for heavy gains in short term.
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