Gold-Silver : Yellow metal prices rise marginally, silver becomes cheaper by Rs 902


In the national capital, gold prices on Thursday rose marginally by Rs 9 to Rs 46,981 per 10 grams. The depreciation of the rupee against the dollar affected the price of gold in the domestic market. According to HDFC Securities, the price of gold in the previous session was Rs 46,972 per 10 grams.

Silver became cheaper by Rs 902

Talking about silver, during this period silver fell by Rs 902 and it became Rs 67,758 per kg. It had closed at Rs 68,660 per kg in the previous trading session. In the international market, gold was trading flat at $ 1,807 an ounce while silver was flat at $ 26 an ounce.

Gold imports reached Rs 2.54 lakh crore in the last financial year

In the last financial year 2020-21, gold imports increased by 22.58 percent to reach $34.6 billion or Rs 2.54 lakh crore. The import of gold affects the current account deficit (CAD). According to commerce ministry data, gold imports have increased due to an increase in domestic demand. Silver imports declined by 71 percent to $791 million during the fiscal. In the previous financial year 2019-20, gold imports stood at $ 28.23 billion. Despite the increase in gold imports, the country's trade deficit narrowed to $ 98.56 billion in the last financial year. In 2019-20 it was $ 161.3 billion. Gem and Jewelry Export Promotion Council (GJEPC) Chairman Colin Shah said gold imports are increasing due to an increase in domestic demand.

It is known that India is the largest gold importer country in the world. Gold is mainly imported to meet the demand of the jewelry industry. India imports 800 to 900 tonnes of gold annually in terms of volume.