'HIGHEST EVER' RISE IN GOLD RATE - TOUCHES A 'SHOCKING' NEW 'UNIMAGINABLE' PRICE!!! - DETAILS

Gold Prices on Wednesday hit record- high numbers as economic uncertainty continues to prevail in the wake of the pandemic. Gold futures on the Muti- Commodity Exchange (MCX) touched a new record and crossed the Rs. 50,000 per 10-gram mark. Currently, the contract is trading at Rs. 50,010.00 per 10 gram. 

The demand for the yellow metal continues to soar since other assets such as equities and properties are not performing well due to the pandemic induced economic slowdown. On top of that, the high unpredictability of the market is pushing investors towards investing on safer assets. 

A recent report by the World Gold Council (WGC) has revealed that the increase in investments towards gold is likely to make up for the fall in consumption demand for the metal. 

The report titled 'Gold Mid-Year Outlook 2020' highlighted that currently, "three factors are supportive of investment demand for gold -- high risk and uncertainty, low opportunity cost and positive price momentum.” 

"Additionally, we expect investors to turn to gold as a means of hedging as we have seen in the first half of this year," it stated.

“In India, investors are flocking to sovereign gold bonds, which in the fourth tranche saw over 4 tonnes of gold equivalent being subscribed while gold ETFs run by mutual funds are also seeing net inflows after many years,” Economic Times reported.