Gold gave 24% returns to investors in CY20, the highest since 2011

CY20 proved to be among the best years for gold investors with returns of 24.1 per cent, the highest since 2011. As global economies passed through one of their worst phases because of Covid, investors sought refuge in safe-haven assets, such as gold. Though in March gold corrected sharply following sell-off across assets classes, it rebounded fast.

The year was challenging for both jewellers and consumers in India. Gold imports at $17.4 billion until November were the lowest since 2007, as the lockdown, job losses, and liquidity crunch hit demand.

The jewellery business was among the worst affected,