Is it a good time to buy gold? Here is all you need to know

Gold futures touched Rs 48,000 per 10 grams, according to data on the Multi Commodity Exchange (MCX). Analysts remain bullish on gold prices and expect the price of the yellow metal to rise due to favourable macroeconomic conditions.

The price of domestic gold is rising amid the ongoing second wave of Covid-19. The current trend is in sharp contrast to the situation seen at the beginning of the year when gold was under pressure due to a strong US dollar and surging US bond yields. It may be noted that the price of the precious yellow metal fell in India at the end of 2020 after rising to a record high last year during the peak of the Covid-19 pandemic. However, gold prices are on the rise again due to favourable macroeconomic fundamentals.