In the national capital, gold prices on Tuesday rose by Rs 90 to Rs 46,856 per 10 grams. In line with the global markets, the price of gold in the domestic market was affected. According to HDFC Securities, the price of gold in the previous session was Rs 46,766 per 10 grams.
Silver became cheaper by Rs 490
Talking about silver, during this period silver rose by Rs 490 to Rs 67,988 per kg. It had closed at Rs 67,498 per kg in the previous trading session. In the international market, gold was trading flat at USD 1,809 an ounce while silver was flat at USD 26.21 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.