After the sharp fall in the previous week, the futures price of gold rose in the domestic market today. Gold futures on MCX rose 0.24 percent to Rs 47,185 per 10 grams. While silver futures fell 0.05 percent to Rs 67,730 per kg. The yellow metal is down by about Rs 9,000 from last year's high (Rs 56,200 per 10 grams). Earlier this month, its price was Rs 2,500 more than the current price.
So much is the price in the global market
In the global markets, gold prices were trading at $ 1,784.14 an ounce today. Gold prices had fallen six percent last week, its biggest weekly fall in 15 months. Gold ETFs are based on the price of gold and their price fluctuates only with the fluctuations in its price. It should be noted that ETF inflows reflect weak investor interest in gold. A stronger dollar makes gold more expensive for holders of other currencies.
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 i.e. 2020. This information has been given in a report of the World Gold Council (WGC). The WGC's report on Gold Demand Stance for 2020 said that the demand for gold declined amid the coronavirus-induced lockdown and the price of the precious metal hitting an all-time high.
However, at the same time, the report said that the situation is returning to normal and the industry has been strengthened by continuous reforms. In such a situation, the demand for gold is expected to improve in 2021 this year. India is the largest gold importer country in the world.