Today, the futures price of gold rose and silver declined in the domestic market. On MCX, gold futures rose 0.35 percent to Rs 47,887 per 10 grams. Talking about silver, silver futures fell 0.2 percent to Rs 68,826 per kg today. In the previous trading session, gold had gained 0.9 percent and silver was down 0.6 percent. The yellow metal is down around Rs 8,300 from last year's high (Rs 56,200 per 10 grams).
The price in the global market is so
In global markets, gold rates remained stable. Spot gold was trading at $1,800.85 an ounce. It has gained 0.8 percent this week. Weak equity markets supported gold amid concerns over new variants of the coronavirus. The pandemic has forced many countries to impose new restrictions.
"Gold is supported by virus concerns, inflation concerns, and uneven global economic recovery, among other factors," Kotak Securities said in a note. 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.
Diamond exports expected to grow by 20%: Crisil
Indian diamond industry is expected to grow exports by 20 percent this year due to improvement in US and China markets. Rating agency Crisil said that 75 percent of the polished diamonds exported from India go to the US and China. The Indian diamond industry, which is trying to recover from the pressure of the pandemic, may pick up momentum from the second half and exports could stand at $20 billion in 2021. Last year, exports were $16.4 billion, which was 12 percent less than in 2019. The workers working in the diamond industry will return after the second wave of Kovid infection passes, which will also accelerate production.