Benchmark Gold Rate Can Surge Past $2,300/Ounce In 2021: Analysts Benchmark Gold Rate Can Surge Past $2,300/Ounce In 2021: Analysts Domestic gold rates are derived by the global benchmarks by taking into account currency changes
Domestic spot gold climbed up around 28% in 2020.
Gold has eased more than 9 per cent from all-time highs registered in late 2020, hurt by optimism around the development of COVID-19 vaccines which takes away the safe-haven appeal of the yellow metal. In August last year, domestic gold futures had surged to a life-time high of Rs 57,100 per 10 grams. Still, many analysts expect the precious metal to be headed for higher levels in 2021. Why? Easy monetary policies in major economies weighing on currencies along with rising global debt is likely to continue to support gold rates going forward, they say.