Gold and silver: Gold prices rise marginally, silver becomes costlier by Rs 62

445

On Tuesday, the price of gold and silver rose marginally in the national capital. In the national capital, today gold rose by only Rs 83 to Rs 45,049 per 10 grams. According to HDFC Securities, gold had closed at Rs 44,966 per 10 grams in the previous trade.



Silver becomes expensive by Rs 62

Talking about silver, it rose by 62 rupees to Rs 64,650 per kg. Silver had closed at Rs 64,588 on the previous trading day. In the international market, gold reached $ 1,733 an ounce while silver remained flat at $ 24.97 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.