Gold rose marginally by three rupees on Tuesday at the Delhi Sarafa Bazar. At the same time, the price of silver was increased by Rs 451. According to HDFC Securities, the major reason for this is the fall in the value of the rupee and the fluctuations in the global market.
In Delhi, gold prices rose by Rs 3 to Rs 50,114 per 10 grams. It closed at a price of Rs 50,111 on Monday. Similarly, silver rose by Rs 451 to Rs 62,023 per kg. It had closed at Rs 61,572 per kg in the previous trading session.
In this context, senior commodity analyst Tapan Patel at HDFC Securities said, "The spot price of 24-carat gold in Delhi rose by Rs. 3. The fall in the value of the rupee and the fluctuations in the gold price globally had an impact on the domestic market.
The rupee depreciated by 12 paise against the dollar on Tuesday. In the international market, gold was at $ 1,877 while silver was at $ 24.20 an ounce.
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 position 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 to 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.