“Institutions continue to remain bullish towards gold. Hence, the rally in gold would continue even with intermittent volatility,” said Naveen Mathur, director, Anand Rathi Shares and Stockbrokers.
Indicating a strong consumer connect, gold reserves with SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund (ETF), rose 0.1 per cent to 1136.22 tonnes on Friday. In line with gold, silver declined 2 per cent on Monday. Global equity markets
reported a decline on Monday.
Meanwhile, consumers remained apprehensive of buying new gold ornaments amid uncertainty in the global economy.
“There is absolutely no sales. Consumers are afraid of coming out of homes due to the fear of coronavirus infection,” said Kumar Jain, director, Umedmal Tilokchand Zaveri, a bullion dealer and jewellery retailer in Zaveri Bazaar.
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