COURTESY TOI AUG 4

Gold touches another record high at ₹55,800
TIMES NEWS NETWORK

Ahmedabad:

Continuing its upward rally on account of global factors, gold price touched yet another record high of Rs 55,800 per 10 gram on Monday. Analysts attribute the increase to rally in yellow metal price in the international market on account of a boost in safe-haven investments. The trend was brought about by the outbreak and surge in cases of coronavirus infections in various parts of the world.

Gold price rose by Rs 300 against Friday’s Rs 55,500 per 10 gram when the market closed. High price of gold along with the ongoing coronavirus crisis has hit the demand for gold jewellery to a great extent, so much so that the import of gold has declined by 68% from January to July in Gujarat against the same period in 2019.

Jewellers suggest that the decline in demand will prove detrimental to the employment in the gems and jewellery sector. “Many artisans have fled to their home states and some may never return. Those who are currently here are also not getting adequate wages as the jobwork has come to a complete standstill with retail demand drying up. The high price of gold and income shortage faced by people are two major deterrents to gold purchases here,” said a city-based jeweller