New Delhi, August 10: Uncertainty around the global pandemic induced by the novel coronavirus has been a perfect recipe for the gold price to skyrocket. The price of the yellow metal has been on an upswing by over 58 per cent since January 2019. It hit a record high of Rs 50,000 per 10 grams on July 23, 2020.
Beside cultural ties, emotions and pleasures associated with the wearable, these facts make gold the most unique metal of all.
If all gold is collected to make it a 5-micron wire could wrap around the world 11.2 million times.
It is estimated that 1,87,200 tonnes of gold have been mined as of 2009.
A 24 Karat gold is less reactive to chemicals. When hammered into a thin sheet appears transparent.
Jewellery contributes to around half of all gold mined today. China is the biggest producer of gold.
India's gold market is estimated to have over 300,000 gold jewellers.
India and China account for over 50 per cent of the total demand.
Although India has been the largest importer of gold, importing over 700-800 tonnes to cater to jewellery demand in the country, imports have declined on account of soft demand later followed by COVID-related lockdowns that impaired the logistics.