Gold futures rose in Indian markets today amid weak global cues. Gold rose 0.11 percent to Rs 50,029 per 10 grams today after the loss in the last four trading sessions on MCX. Silver futures climbed 0.3 percent to Rs 61690 per kg. In the previous session, gold had fallen by 0.7 percent, ie Rs 350 per 10 grams, while silver had fallen by Rs 1,000 (1.63 percent) per kg.
Price so high in global markets
Gold prices fell today amid uncertainties over US stimulus packages in global markets. Spot gold fell 0.2 percent to $ 1,863.21 an ounce. Among other precious metals, silver fell 0.1 percent to $ 24.06 an ounce, while platinum was down 0.2 percent to $ 949.88 an ounce.
News of the Kovid-19 vaccine brought global equity markets to an all-time high earlier this week. But prices fluctuated due to an increase in cases of coronavirus and uncertainty over measures for stimulus packages.
Gold ETF investors remained on a steady rise. The holding of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.14 percent to 1,217.25 tonnes on Thursday.
Meanwhile, the International Monetary Fund (IMF) and a group of 20 countries have warned that new sanctions due to Kovid-19 are a risk to global economic recovery. In this context, Kotak Securities said that gold prices may come down in the coming time. Kotak Securities on Silver said rising coronavirus cases slowed the outlook for industrial sector demand.
India has so much gold reserves
According to the report of the World Gold Council, at present, India has 653 metric tonnes of gold. With this, India comes in 9th place in the world in terms of the highest gold reserve. This is 7.4 percent of its total foreign exchange reserves.
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.