Gold prices likely to move up in 2021; stay invested for now, say analysts

Accommodative policies of the most central banks world over also meant money continued to flow to this asset class.

Despite the stellar run in calendar year 2020 (CY20), gold remains an attractive investment for 2021 with prices likely to inch up further in the new year, say analysts. Investors, they believe, will be better off staying put in the yellow metal for now.

According to World Gold Council (WGC) data, gold prices hit a high of $2,067 per ounce (oz) in August 2020 as investors flocked to the yellow metal as a safe-haven investment in the backdrop of the Covid-19 pandemic that brought global economic activity to a standstill. Accommodative policies of the most central banks world over also