Gold Silver Price : After a sharp jump in the previous session, the futures price of gold decreased today, this is the price
On Monday, the futures price of gold declined in the domestic market, while the price of silver remained flat. On MCX, gold futures fell 0.15 percent to Rs 47,451 per 10 grams. In the previous session, it had touched a one-month high. Talking about silver, it remained flat at Rs 65,261 per kg. In the previous session, gold had become costlier by Rs 500, and silver increased by Rs 1900. The yellow metal is still down by Rs 8749 from last year's high (Rs 56,200 per 10 grams).
It is to be known that 10.75 percent import duty and three percent GST are included in the price of gold in India. Gold is seen as a hedge against inflation and currency depreciation. Uneven global economic recovery and volatility in the rupee against the dollar affect the price of the precious metal.
Gold demand increased in the April-June quarter
According to the World Gold Council (WGC) report, gold demand in India grew by 19.2 percent in the April-June quarter this year to 76.1 tonnes. Last year, economic activities were badly affected due to the nationwide lockdown imposed to contain the epidemic. The WGC report 'Gold demand trends in the second quarter of 2021' said that the total gold demand in the second quarter of the calendar year 2020 was 63.8 tonnes. According to the report, the demand for gold in India in value terms grew by 23 percent in the period under review to Rs 32,810 crore. In the same period of the year 2020, this figure was Rs 26,600 crore.
Gold demand decreased by more than 35 percent last year
At the same time, the country's gold demand had decreased by more than 35 percent to 446.4 tonnes in the last year i.e. 2020. This information was given in a report by the World Gold Council (WGC). The WGC's report on Gold Demand Stance for 2020 said that the demand for gold declined amid the coronavirus-induced lockdown and the price of the precious metal hitting an all-time high. However, at the same time, the report said that the situation is now returning to normal and the industry has been strengthened by continuous reforms. In such a situation, the demand for gold is expected to improve in 2021 this year.