On Friday, the price of gold and silver rose in the national capital. Today, the yellow metal rose by Rs 474 to Rs 47,185 per 10 grams in the national capital. The strong buying of precious metals in the global market led to the price rise. According to HDFC Securities, the 24-carat yellow metal had closed at Rs 46,711 per 10 gram in the previous trading session.
Silver becomes costlier by Rs 1,050
Talking about silver, it rose by Rs 1,050 to Rs 70,791 per kg. Silver had closed at Rs 69,741 on the previous trading day. In the international market, gold reached $ 1,820 an ounce while silver remained flat at $ 27.33 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. Gold imports affect the current account deficit (CAD). According to the Commerce Ministry data, gold imports have increased due to increasing domestic demand. During the fiscal, silver imports fell by 71 percent to $ 791 million. In the previous financial year 2019-20, gold imports stood at $ 28.23 billion. Despite the increase in gold imports, the trade deficit of the country decreased to $ 98.56 billion in the last financial year. It was $ 161.3 billion in 2019-20. Gems and Jewelry Export Promotion Council (GJEPC) Chairman Colin Shah said that gold imports are increasing due to increasing domestic demand.
India is the largest importer of gold
India is the world's largest importer of gold. Gold is mainly imported to meet the demand of the jewelry industry. India imports 800 to 900 tonnes of gold annually by volume. It is known that the government has reduced the import duty on gold from 12.5 percent to 10 percent in the budget.