The price of gold and silver rose in the national capital on Monday. According to HDFC Securities, gold prices rose by Rs 496 to Rs 50,297 per 10 grams in line with global markets. The yellow metal had closed at Rs 49,801 per 10 grams on the previous trading day.
Silver became costlier by Rs 2,249
Talking about silver, today the price of silver was reduced by Rs 2,249 to Rs 69,477 per kg as against Rs 67,228 per kg in the previous trading session. In the international market, gold and silver stood at the US $ 1,898 per ounce and US $ 26.63 per ounce respectively.
In this context, HDFC Securities Senior Analyst (commodities) Tapan Patel said that due to rising cases of Coronavirus, gold prices have increased. The stringent ban has been announced after the UK government issued a warning to opt-out of new types of viruses. Britain itself has admitted that new strains of coronavirus have started to wreak havoc. Therefore the UK government has announced a Tier 4 ban.
Reduction in gold imports
It is to be noted that during April-November in the current financial year, gold imports in the country declined by 40 percent to $ 12.3 billion. In the wake of the epidemic, imports declined due to reduced demand. Gold imports have an impact on the current account deficit. According to the data released by the Ministry of Commerce, the import of this precious metal was $ 20.6 billion in the same period of the last fiscal year 2019-20. However, imports grew 2.65 percent year-on-year to $ 3 billion in November.