On Thursday, the price of gold and silver rose in the national capital. In the national capital, gold rose by Rs 881 to Rs 44,701 per 10 grams today. According to HDFC Securities, gold had closed at Rs 43,820 per 10 grams in the previous trade.
Silver becomes costlier by Rs 1,071
Talking about silver, it rose by Rs 1,071 to Rs 63,256 per kg. Silver had closed at Rs 62,185 on the previous trading day. In the international market, gold reached $ 1,719 an ounce while silver was at $ 24.48 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 demand for gold, the report noted that the demand for gold declined amid the enforced lockdown due to the coronavirus and the price of precious metals reaching an 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 stood at $ 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.