On Monday, the price of gold declined marginally in the national capital. In the national capital, gold today fell by just Rs 15 to Rs 44,949 per 10 grams. According to HDFC Securities, gold had closed at Rs 44,964 per 10 grams in the previous trade.
Silver became cheaper by Rs 216
Talking about silver, it fell by Rs 216 to Rs 64,222 per kg. Silver had closed at Rs 64,438 on the previous trading day. In the international market, gold reached $ 1,727 an ounce while silver remained flat at $ 24.78 an ounce.
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 ie 2020. This information is given in a report by the World Gold Council (WGC). On the WGC's 2020 gold demand stance, the report noted that the demand for gold declined amid the enforced lockdown due to the coronavirus and the price of precious metals reaching their all-time high. However, at the same time, the report said that the situation is now normalizing and the industry has been strengthened by continuous reforms. Therefore, the demand for gold is expected to improve in 2021 this year.
In the first 11 months of the current financial year 2020-21, gold imports declined by 3.3 percent to $ 26.11 billion. It is noteworthy that gold imports affect the country's current account deficit (CAD). In the same period last fiscal, yellow metal imports were $ 27 billion. According to data released by the Ministry of Commerce, the reduction in gold imports has helped in reducing the country's trade deficit.