India has eased lockdown restrictions even as the government extended the nationwide lockdown till May 31, allowing shops and markets including barber shops, salons and spas except those in malls to open with staggered timings ensuring strict measures of social distancing among others.
Meanwhile, global markets, gold prices rallied to more than seven-year highs after the US Federal Reserve chief had warned that the US economy could drag through 2021 and dependent on the success of a vaccine.
Spot gold on Monday rose about 1 per cent to $1,759.98, the highest since October 2012. Other precious metals including platinum also rose 0.7 per cent to $803.19, while silver rose 2 per cent to $16.96.
Gold has rallied 16 per cent in 2020 on the back of historic pandemic that has bettered global economies and worries of a deeper global recession led to governments announcing stimulus packages.
The latest US data has shown retail sales and factory output registering the biggest decline on record in April due to lockdown measures. The anticipation of the US interest plunging to negative has pushed holdings in gold-backed exchange-traded funds or ETFs at a record high.
As an instrument for investment, gold is considered a safe haven and often seen as a hedge against inflation and currency debasement.
The holdings of SPDR Gold Trust holdings, the world's largest gold-backed exchange-traded fund, rose 0.8 per cent to 1,113.78 tonnes on Friday.
Another significant reason in the gold prices remain the increasing hostility between the US and China and worries about the next wave of coronavirus breakout making gold lucrative as a safe haven.
(With inputs from agencies)