Gold prices were highest in Chennai where 10 grams of 22-carat variety traded at Rs 55,100 whereas the 24-carat variety retailed at Rs 60,110 for 10 grams
Gold is still in a bull rally and the dip noticed is mere a correction for the time being, Anand Rathi Share and Stock Brokers said in its quarterly bullion report, likening the yellow metal to.
The report says, “Gold never entered bear market territory over the last month, as losses were contained at just below 20 per cent. This is a normal market correction but has been exacerbated by fears of positive real interest rates and a technical breakdown.”
It further adds that the bull market of Gold began in late 2016, and it’s still alive and well and likely entering its next upswing. Comex gold is at 16 per cent off its all-time highs (i.e. down seven per cent Year-to-date) hit last summer, giving investors a prime entry point.