Gold Gains Over 24% in 2020 – Best Performing Year Since 2010

Gold is all set to post the performance in 10 years for 2020 on account of the coronavirus pandemic that shook the global economy and sent

Arslan Butt•Thursday, December 31, 2020•1 min read

Gold Gains Over 24% in 2020 - Best Performing Year Since 2010

Gold is all set to post the performance in 10 years for 2020 on account of the coronavirus pandemic that shook the global economy and sent leading countries into unexpected and severe downturns. So far this year, GOLD has gained over 24% of its value – marking the best performance seen since 2010, as governments and central banks rushed to roll out stimulus measures, monetary easing and rate cuts to support their economies through the crisis.

The safe haven appeal of gold remained strong through most of 2020 as countries went into lockdown, bringing economic activity to a standstill and sending unemployment rate higher. The lockdowns hit businesses and employees hard, impacting domestic consumption, external demand and capital spending and hurting almost every economy of the world.

Towards the end of 2020, gold did take a hit when the market sentiment received a boost from upbeat news about the development and rollout of COVID-19 vaccines. However, a weakness in the US dollar has kept the yellow metal supported through the last few trading sessions of the year.

The second wave of the pandemic had also driven prices higher, even though some of the momentum was tempered after Britain and the EU signed a post-Brexit trade deal ahead of Christmas. However, the latest discovery of new, more contagious strains of coronavirus in the UK dented the sentiment and sent prices higher again.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.