Gold weekly review: Uncertainty looms over gold prices due to COVID-19

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Prices for Gold recovered in the domestic markets Friday. This comes after gold closing above Rs 47,000 per 10 gram for the first time since February 23 in 2021.

Though MCX gold June futures were trading weak. The yellow metal was down Rs 85 or 0.18 per cent at Rs 47,090 per 10 grams, against the previous close of Rs 47,175.

However, after nearly two months MCX gold hit Rs 47,000 mark in intraday on April 13. In August 2020, MCX gold touched a record high of Rs 56,191 per 10 grams.

Gold prices were steady on Friday. In the wake of lower Treasury yields of US. Furthermore, gold prices went over one month high as inflation fears sweep the world.

Moreover, concerns regarding inflation are increasing ahead of massive fiscal aids and ultra-low interest rates across the globe supporting the metal.

But a pick-up in global economic activity will lead to subdued gold prices. Yet there is a looming risk of a second coronavirus wave which may further take the prices down.

The pandemic situation may lead to elevated gold prices in the short term until the situation stabilises.

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