New Delhi: On Wednesday, gold prices in India has hit an all time high of Rs.51,715 rupees per 10 grams today (in Delhi, on 22nd July,2020 , 03.59pm IST) as expectations of more impetus to revive economies affected by the pandemic lifted the metal’s appeal as a barrier against inflation.
The price rise has restrained the retail demand for gold in India, the world’s second largest consumer of the precious metal.
While in overseas market, gold surged more than 1% on Wednesday to its highest in nearly nine years, followed by a weaker dollar, thus, ensuring a security of buying.
Although the price rise has been restraining the retail demand, the investment demand is improving, said a bank dealer with a chunk importing bank in Mumbai.
“But share of investment demand is very small compared to retail purchases,” he added.
India’s gold imports in the June quarter tumbled 96% from a year earlier to 13 tonnes after shipments hit pause in April and May.