Gold prices in India and around the world continued to hit new highs in July 2020. The precious metal surged 28% this year to more than \u20b950,000 per 10 grams<\/a>. <\/p>\n Government measures to ease the economy, as seen in different parts of the world , resulted in appreciation in the price of assets like gold. <\/p>\n The price rise dampened retail demand for gold in India which is the world’s second largest consumer of the precious metal<\/p>\n The rising number of COVID-19 cases, along with the weakness in the U.S. dollar, was the driving force behind the surge in precious metal prices. <\/p>\n Concerns around U.S.-China tensions too increased safe-haven demand for precious metals.<\/p>\n Retail buyers of ornaments are putting a substantial portion of their lifetime savings into gold. <\/p>\n While big-time investors are betting big on a favourable outcome since the COVID-19 crisis is triggering lower expectations from assets such as crude, dollar, and government debts.<\/p>\n Gold is being looked upon as a safe instrument to ensure future returns.<\/p>\n