Gold-Silver: Yellow metal prices rise, silver becomes costlier by Rs 894 per kg
Gold and silver prices rose in the national capital today. Today, the yellow metal gained Rs 455 to Rs 46,987 per 10 grams. According to HDFC Securities, the price of gold in the previous session was Rs 46,532 per 10 grams. Influenced by the global market, gold became costlier today.
Increase in the silver price
Talking about silver, during this period silver increased by Rs 894 and its price rose to Rs 61,926 per kg. It had closed at Rs 61,032 per kg in the previous trading session. In the international market, gold was trading flat at USD 1,795 an ounce while silver remained flat at USD 23.20 an ounce.
Gold imports up 658 percent in September
Gold imports into India grew 658 percent year-on-year to 91 tonnes in September 2021, driven by improved retail demand and a lower base effect from last year. A government source said jewelers have increased buying ahead of the festive season with local prices of the yellow metal hitting a near six-month low, leading to an increase in imports. In September 2020, 12 tonnes of gold were imported. In terms of value, gold worth $ 5.1 billion (Rs 37.9 thousand crores) was imported into the country last month. The figure stood at $601 million (Rs 4,466 crore) in the same month last year.
Imports expected to cross 100 tonnes
A Kolkata-based bullion dealer said that in view of the decline in the cases of corona infection, retail consumers are now stepping out for shopping. In such a situation, if the prices remain stable around the current level of 46,300, then in view of the festive demand, gold imports may cross 100 tonnes in October. A total of 45 tonnes of gold was imported in October 2020.