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Gold price breaks record; projected to rise further

Peter Alagos

Friday، 31 July 2020 10:02 PM

Global investors and central banks continue to invest in gold as a safe haven asset, making the yellow metal hit record high prices, according to key industry players.
“All individuals and institutions that have ever purchased gold have made their investment profitable today with gold crossing its previous historic high rate of $1,920 per ounce. Prominent banks and financial institutions have projected gold price to increase in light of the current global economic situation,” Malabar Gold & Diamonds said in a statement.
Citing data published by the World Gold Council, Malabar Gold said many central banks have continued to invest in gold and have increased their holdings in the last three to nine months.
“Central banks of India, Turkey, the UAE, and Russia, among others, have made substantial investments to increase their gold reserves. Turkey has increased their gold holdings by 109% to 805.9 tonnes and the UAE has increased their holdings by 104% to 31.5 tonnes. India purchased 47 tonnes and Russia purchased 60 tonnes to increase their total holdings to 665 tonnes and 2,301 tonnes, respectively,” the statement said.
According to Malabar Gold, buyers in the GCC stand to gain in terms of gold price advantage as the price of the yellow metal continues to be lower than India by 10% to 13%. In Qatar, gold is pegged at QR237.50 per gramme compared to QR250 (5,080 Indian rupees) in India, or a QR12.5 (5%) price advantage.
Shamlal Ahamed, managing director – International Operations, Malabar Gold & Diamonds, said: “It’s a historic day for gold and all individuals/institutions who have ever purchased gold; as their investments have turned profitable with gold rate crossing its previous historic rate of $1,920/oz. Gold is trading at $1,935/oz and has appreciated 37% in a year’s time outperforming all other assets.”
To address the impact of Covid-19 on sales, Malabar Gold has rolled out a corporate sustenance plan in May across its international operations to keep businesses afloat and reduce the impact of the disruptions on the business, as well as it’s team members and partners, said Malabar Gold & Diamonds zonal head Naufal Thadathil.
Asked if it is a good time to buy gold in Qatar, Thadathil said: “It is the best time now for consumers to invest in the metal and ensure savings through our Shubh Aaarambham Price Promise campaign, which offers our customers a 20-50% discount on making charges in gold jewellery and up to 25% discount on diamond value.
“Additionally, they also have the opportunity to pay just 10% as advance for their favourite jewellery and block the gold rate for a period of 30 days from the date of booking. This way, if gold rate increases at the time of purchase, customers can avail the booked rate and if it reduces, they can still draw mileage of the reduced rate.”
This is the first time Malabar Gold & Diamonds is offering such discounts, according to Thadathil, who urged customers use the opportunity to invest in gold.
“Additionally, considering the current scenario, Malabar Gold & Diamonds has initiated a cash buy back scheme for people who have purchased gold jewellery from other retailers as well — to support and provide maximum value and easy liquidity.
“This scheme is 100% compliant of all local laws and regulations. Customers of Malabar Gold & Diamonds are protected by guaranteed cash buy back for all jewellery purchased from them,” he said.

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