During the trading today in the national capital, a slight rise in the price of gold, while the fall in the price of silver was recorded. According to HDFC Securities, gold rose by Rs 57 to Rs 49,767 per 10 grams in the national capital on Monday. The precious metal had closed at Rs 49,710 per 10 gram in the previous session. Talking about silver, it declined by Rs 185 to Rs 61,351 per kg in the previous trading session. On Friday, the price was Rs 61,536 per kg.
In the international market, gold remained flat at the US $ 1,874 an ounce and silver at $ 24.22 an ounce. In this context, HDFC Securities Senior Analyst (commodities) Tapan Patel said, "The price of gold was affected by fresh lockdowns and economic growth concerns imposed in Canada and other parts of the world".
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.
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.
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 in the previous year.