Gold Silver Price : Gold futures became cheaper for the fourth consecutive day, know the price of precious metals
On Thursday, the futures price of gold and silver declined in the domestic market amid the rise in the rupee against the dollar. Gold futures on MCX rose to Rs 47,063 per 10 grams. Today it declined for the fourth consecutive day. Talking about silver, it stood at Rs 63,795 per kg. The yellow metal is still down by Rs 9137 from last year's high (Rs 56,200 per 10 grams). Gold prices in India include 10.75 percent import duty and three percent GST.
So much is the price in the global market
Gold remained flat in the global markets today. Spot gold was trading at $1,814.54 an ounce. Among other precious metals, silver was flat at $24.17 an ounce. The dollar index gained marginally and reached 92.528. It is known that traders and investors are cautious amid growing concerns about the spread of cases of the delta variant. Uneven global economic recovery and volatility in the rupee against the dollar affect the price of the precious metal. Gold is seen as a hedge against inflation and currency depreciation.
Jewelry exports rise to $12.5 billion in April-July
During April-July 2021, the country's gems and jewelry exports grew by 6.04 percent to reach $1.55 billion. This figure was $11.8 billion in the same period of 2019-20. The continuing recovery in key export destination markets such as the US, China, and Hong Kong has driven exports up. GJEPC reported that the country's exports grew 18 percent to $3.36 billion in July. Whereas in the same period last year, it was $3.87 billion. Gold jewelry exports declined by 38.5 percent to $2.41 billion. Silver jewelry exports rose to $843 million.