A lot has been going on across the globe in the last few days. Russia and Saudi Arabia coming head to head over Oil supply and prices. Oil prices undergoing a free fall. On top of that, travel bans put in place across the globe due to the on-going Covid 19 crisis. Stock markets in India, USA and other parts of the world have seen a bloodbath, wiping out investor wealth to unimaginable proportions and yet having no clarity when things will improve. When there is so much upheaval and uncertainty in the financial world, the world will always invest and trust in the one true investment vehicle: Gold. Hence prices have surged so quickly. Will these prices sustain? The answer is, we don’t know yet. I believe there is bound to be some correction in the prices. However, demand in India has gone down. Retail level walk-ins have stopped altogether since we are all in lockdown. Gudi Padwa an important festival in India for the purchase of gold, came and went and stores were shut, having a deep impact on business right before the end of the financial year. There is exceptional amount of uncertainty from all aspects in our country right now. We are hoping that the lockdown will be lifted soon and the pandemic will be in control so that life as usual can resume.
WHEN LOCKDOWN ENDS:
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March - April 2020