If you had bought gold on Akshaya Tritiya last year, today you would be sitting on gains of over 40%. Coronavirus crisis, rupee's depreciation against US dollar, meltdown in some asset classes like oil and stimulus measures by central banks across the world have boosted the price of gold.
And despite the sharp rise in gold price over past one year, analysts continue to remain positive on gold, citing fears of a deeper global recession amid coronavirus crisis. "In dollar terms gold is up 14% year to date and 34% over last 12 months.
In rupee terms it is up 43% over Akshaya Tritiya 2019," says Shekhar Bhandari, Senior Executive Vice President & Business Head – Global Transaction Banking & Precious Metals, Kotak Mahindra Bank Limited. "The