Investors from all over the world have started selling gold due to the news of the Corona vaccine. In the national capital today, the price of gold and silver declined during trading. According to HDFC Securities, gold fell by Rs 1,049 to Rs 48,569 per 10 grams in the national capital on Tuesday. The precious metal had closed at Rs 49,618 per 10 gram in the previous session.
Talking about silver, it declined by Rs 1,588 to Rs 59,301 per kg as compared to the previous trading session. On Monday, its price was Rs 60,889 per kg. In the international market, gold remained flat at US $ 1,830 an ounce and silver at the US $ 23.42 an ounce.
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.