On Friday, the price of gold and silver rose in the Indian market. According to HDFC Securities, gold today rose by Rs 65 to Rs 49,551 per 10 grams in the national capital. While gold had closed at Rs 49,486 per 10 grams in the previous trade.
Talking about silver, it became expensive by Rs 298 to Rs 61,232 per kg. In the previous trading session, silver was Rs 60,934 per kg. In the international market, gold was trading at $ 1,868 an ounce and silver at $ 24.15 an ounce.
In this context, HDFC Securities Senior Analyst (Commodities) Tapan Patel said that the rupee's appreciation against the dollar has led to a rise in the price of gold to Rs 65 for 24-carat gold in Delhi today.
India is the second-largest buyer of gold
Gold imports in India increased to $ 3.7 billion in August from $ 1.36 billion in the same month last year. India is the second-largest buyer of gold after China. Gold attracts 12.5 percent import duty and three percent GST on gold in India.
Gold demand reduced by 30 percent: WGC
According to the World Gold Council (WGC) report, gold demand in India declined by 30 percent to 86.6 tonnes in the September quarter from a year earlier due to disruptions related to the coronavirus epidemic and higher prices. The total demand for gold in the September quarter of last year was 123.9 tonnes. On the basis of value, the demand for gold during this period decreased by four percent to Rs 39,510 crore as compared to Rs 41,300 crore last year.