Gold has appreciated over the past few weeks, taking its return Diwali 2020 to 32 per cent compared to Diwali 2019. This is the best Diwali-to-Diwali return for gold since 2011, when the yellow metal had surged 38 per cent compared to the previous year. Though optimism around a COVID-19 vaccine has brought gold about 11 per cent off an all-time high in August, gold is in a broader uptrend this year on account of rising coronavirus infections around the globe and changes in forex rates.
Here’s how gold has performed over past few years:
Best Diwali Return In 9 Years
|Year||MCX Futures||Diwali-To-Diwali Return|
|(Source: MCX data)|
Gold has been appreciating since 2018, with a more intensified upmove over the past few months due to COVID-19-related lockdowns, say analysts.
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