The future of gold and silver fell on the country's market on Monday amid rising dollar prices. For MCX, the future of gold has dropped by 0.17 percent to Rs 47,459 per 10 grams. Speaking of silver, it stood at Rs 64,050 per kg. The yellow metal is still low at Rs 8741 from the top last year (Rs 56,200 per 10 grams).
On Friday, the Indian rupee depreciated against the US dollar at higher levels in more than a decade, making gold imports cheaper in India. Gold prices in India include 10.75 percent of import duty and 3 percent of GST. In the previous phase, gold had risen by about Rs 400 to hit about a month high.
In world markets, real gold prices have risen 0.2 percent today and remain at USD 1,819.71 per ounce. Among other precious metals, silver was 0.3 percent higher at $ 24.07 an ounce. On the other hand, platinum had risen 0.7 percent to $ 1015.08. It is well known that retailers and investors are cautious amid growing concerns about the increase of Delta variant cases. The unequal recovery of the global economy and the volatility of the currency against the dollar affect the price of precious metals.
In the last financial year 2020-21, gold imports increased by 22.58 percent to Rs 34.6 billion or Rs 2.54 lakh crore. The import of gold affects the current account deficit (CAD). According to trade department data, gold imports have increased due to increased domestic demand.
Silver imports fell by 71 percent to $ 791 million during the fiscal period. In the last financial year 2019-20, gold imports reached $ 28.23 billion. Despite the increase in gold imports, the country's trade deficit declined to $ 98.56 billion in the last financial year. In 2019-20 it was $ 161.3 billion. Gem and Jew Jewelry Export Promotion Council (GJEPC) chairman Colin Shah said gold imports were increasing due to rising domestic demand.
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