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Gold price rises on new Covid variant concern. Should you buy now?

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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.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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