Gold prices on Wednesday fell by Rs 92 to Rs 48,424 per 10 grams in the national capital. According to HDFC Securities, its price in the previous session was Rs 48,516 per 10 grams. Talking about silver, during this period silver also declined by Rs 414 and it remained at Rs 70,181 per kg. It had closed at Rs 70,595 per kg in the previous trading session. In the international market, gold was trading flat at USD 1,893 an ounce while silver was flat at USD 27.65 an ounce.
Gold imports reached Rs 2.54 lakh crore in the last financial year
In the last financial year 2020-21, gold imports increased by 22.58 percent to reach $34.6 billion or Rs 2.54 lakh crore. The import of gold affects the current account deficit (CAD). According to commerce ministry data, gold imports have increased due to increased domestic demand. Silver imports declined by 71 percent to $791 million during the fiscal. In the previous financial year 2019-20, gold imports stood at $ 28.23 billion. Despite the increase in gold imports, the country’s trade deficit narrowed to $ 98.56 billion in the last financial year. In 2019-20 it was $ 161.3 billion. Gem and Jewelry Export Promotion Council (GJEPC) Chairman Colin Shah said gold imports are increasing due to an increase in domestic demand.
Gold demand decreased by more than 35 percent last year
The country’s gold demand declined by more than 35 percent to 446.4 tonnes in the last year i.e. 2020. This information has been given in a report of the World Gold Council (WGC). The WGC’s report on Gold Demand Stance for 2020 said that the demand for gold declined amid the coronavirus-induced lockdown and the price of the precious metal hitting an all-time high. However, at the same time, the report said that the situation is now returning to normal and the industry has been strengthened by continuous reforms. In such a situation, the demand for gold is expected to improve in 2021 this year.
This content was originally published here.
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