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ICICI Direct Report
Gold prices in the last two years have had a phenomenal run, rising around 75% and continuing to scale new highs.
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Indian prices are trading well above Rs 50,000 per 10 grams. In the current era of Covid-19 pandemic where there is heightened uncertainty and concerns around global growth and human lives, there was bound to be some interest in safe haven assets like U.S. government bonds and gold.
However, the extent and the intensity of the rally in global gold prices has taken everyone by surprise.
We maintain our positive outlook on gold prices given uncertain outlook on global growth, volatility in other asset classes viz. global equity, commodity and currency markets, massive stimulus measures announced by major central bankers, extremely low interest rates environment and outlook, U.S.-China trade war and increased buying interest of global central bankers.
Reserve Bank of India through its notification on April 13, 2020, announced the launch of Sovereign Gold Bonds (SGBs) 2020-21. These bonds will be issued in six tranches from April 2020 to September 2020.
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