The recent resurgence in Covid-19 cases and sporadic lockdowns across the globe might do little to add the lost sheen in gold prices due to the aggressive vaccination programme and the bleak possibility of a prolonged lockdown in emerging market countries like India, said analysts.
However, on a long-term basis, they are quite bullish on the prospects of the yellow metal and believe a 20 per cent correction in the prices from here makes it a good buying opportunity.
Gold prices have skidded 24 per cent, from an all-time high of Rs 56,018 per 10 gram scaled in the spot market on the MCX as on August 7, 2020 to below Rs 46,000 level now.