Gold Expected To Sustain Glitter, Says ICICI Direct
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ICICI Direct Report
The calendar year 2020 has been an unprecedented year for most commodities on account of Covid-19 related uncertainties.
While commodity prices did witness a downward slide in January-March 2020, the same saw a smart recovery during the remaining part of the calendar year.
The yellow metal, gold, was no exception and saw its own share of both peaks, troughs during the year.
In CY20, yellow metal prices plunged to a seven-month low in March 2020 and then witnessed a sharp rally rebounding to all-time highs during the latter part of the year.
Uncertainty in global markets owing to spread of Coronavirus in Q1, Q2 of CY20 led to investors resorting to risk aversion, which fuelled the rally in gold prices to all-time highs of 2067 U.S. dollar per ounce.
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