Experts Advise Buying Gold

India is suddenly seeing a Goldrush of a rare kind. Gold is trading at a 9-year high and silver at a 4-year high. At MCX, the commodity exchange, MCX Gold hit INR 51,010 per 10gm, up by INR 310, on July 25 compared to the previous day. The same day, futures contracts on MCX for silver rose by INR 31 to INR 61,331 per Kg compared to the earlier day. Nish Bhatt, Founder & CEO of investment consulting firm, Millwood Kane International, cited four reasons saying, “A weak US Dollar, a recovery plan worth 750 billion Euros in the European Union, an expectation of US Fed keeping interest rates near record low level by 2022 end, and issues related to the continued spread of the pandemic are the key reason for the rally in precious metals”. The situation has been augmented by the fall in the value of other asset class and global uncertainties have also helped Gold climb record...