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Gold price jumps 23% in 2019 on reduced supply, continuous buying by banks

The rupee's weakness against the dollar, however increased cost of imports, pushing consumers from buying gold unless necessary.

Dilip Kumar Jha 

The price of gold has jumped 23 per cent in 2019, the most in the last eight years, because of reduced supply and continuous buying by central banks. Investors looking for safe-haven assets against global economic uncertainty have also benefited the yellow metal.

And, so did the trade war between the US and China leading to fears of a global slowdown, and the worsening geopolitical tensions. Silver also did well with 21 per cent gains, the most after 2010. The rupee’s weakness against the dollar, however increased cost of imports, pushing consumers from buying gold unless necessary. ...

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First Published: Tue, December 31 2019. 00:32 IST
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