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Why are gold prices rising?: explained

Jul 29, 2020 15:17 IST

Why are #gold prices rising despite a global #COVID-19 #pandemic and crashing #stock markets?  #India is the second largest gold consumer in the world, after China. 

Watch BOOM's Govindraj Ethiraj interview Prithviraj Kothari on reasons for rising prices of gold and silver in India and how gold consumption is not going to come down despite the costs.

On #BOOM Explains: Prithviraj Kothari, President, Indian Bullion and Jewellers Association says that people are nervous owing to current financial and medical crisis. In USA, even those who never brought gold in their portfolio have started buying gold, silver and platinum ETF's, pushing gold prices higher steadily. Mines and refineries are closed due to COVID-19, leading to a dollar shortage. The spot vs future market has not had a difference this wide in the last 41 years, also contributing to the rise in prices.