In a broader trend, gold has been appreciating since 2018
Gold has appreciated over the past few weeks, taking its return Diwali 2020 to 32 per cent compared to Diwali 2019. This is the best Diwali-to-Diwali return for gold since 2011, when the yellow metal had surged 38 per cent compared to the previous year. Though optimism around a COVID-19 vaccine has brought gold about 11 per cent off an all-time high in August, gold is in a broader uptrend this year on account of rising coronavirus infections around the globe and changes in forex rates.
Here's how gold has performed over past few years:
Best Diwali Return In 9 Years
| Year | MCX Futures | Diwali-To-Diwali Return |
|---|---|---|
| 2020 | Rs 50,679.5 | 32.43% |
| 2019 | Rs 38,269 | 20.71% |
| 2018 | Rs 31,702 | 7.11% |
| 2017 | Rs 29,598 | -1.61% |
| 2016 | Rs 30,082 | 17.11% |
| 2015 | Rs 25,686 | -6.53% |
| 2014 | Rs 27,481 | -7.86% |
| 2013 | Rs 29,826 | -6.14% |
| 2012 | Rs 31,778 | 16.15% |
| 2011 | Rs 27,359 | 37.52% |
| (Source: MCX data) | ||
Gold has been appreciating since 2018, with a more intensified upmove over the past few months due to COVID-19-related lockdowns, say analysts.
