Delhi, May 18 -- In the Hindu calendar, Akshay Tritiya is considered an auspicious day for people to buy gold. But this year the COVID-19 lockdown has dampened the demand for the precious metal. But given its resilience as a safe-haven asset, experts are forecasting that prices may cross Rs 5,000 a gram by the end of 2020.

Like crude oil, in case of gold too, India is a net importer and the currency movement plays a significant role in the determination of local prices. As most economic activities came to a halt due to the lockdown, the Indian rupee has depreciated a lot and is weaker than before vis-a-vis the US dollar. And it is expected to weaken further over the rest of the year as the effects of the pandemic unfold gradually. The we...