In line with the fall in the precious metal in the global market, gold prices on Wednesday fell marginally by Rs 29 to Rs 46,903 per 10 grams in the national capital. The depreciation of the rupee against the dollar affected the price of gold in the domestic market. According to HDFC Securities, the price of gold in the previous session was Rs 46,932 per 10 grams.
Silver became cheaper by Rs 762
Talking about silver, during this period silver fell by Rs 762 and it became Rs 68,560 per kg. It had closed at Rs 69,322 per kg in the previous trading session. In the international market, gold was trading flat at USD 1,805 an ounce while silver was flat at USD 26.33 an ounce.
Diamond exports expected to grow by 20 percent: CRISIL
Indian diamond industry is expected to grow exports by 20 percent this year due to improvement in US and China markets. Rating agency Crisil said that 75 percent of the polished diamonds exported from India go to the US and China. The Indian diamond industry, which is trying to recover from the pressure of the pandemic, may pick up momentum from the second half and exports could stand at $20 billion in 2021. Last year, there were exports of $ 16.4 billion, which was 12 percent less than in 2019. The workers working in the diamond industry will return after the second wave of Kovid infection passes, which will also accelerate production.
It is known that India is the largest gold importer country in the world. Gold is mainly imported to meet the demand of the jewelry industry. India imports 800 to 900 tonnes of gold annually in terms of volume.
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