On Monday, despite the depreciation of the rupee, gold was bought fiercely. Due to the confidence of investors, it has increased by Rs 411 to Rs 47,291 per 10 grams. Silver also saw a boom.
Increase in the price of gold
Due to the second wave of Corona epidemic, lockdown is being imposed in other states including Delhi. Due to this, the rupee fell in the market on Monday. However, even in this time of crisis, people bought gold fiercely. As a result, today gold rose by Rs 411 to reach Rs 47,291 per 10 grams. At the same time, silver also saw a jump of 338 points. Due to which the price of silver has increased to Rs 68,335 per kg.
According to HDFC Securities, there was strong buying in gold between the global precious metal and rupee depreciation, due to which gold and silver prices saw an increase. In previous trade, precious metal gold had closed at Rs 46,880 per 10 grams. Silver was also trading at Rs 67,997 per kg in the previous trade.
The Indian rupee slipped 52 paise to close at 74.87 against the US dollar in Monday’s trade. In the international market, gold was trading at a profit of US $ 1,787 an ounce and silver was marginally lower at $ 26.08 an ounce.
According to HDFC Securities, senior analyst (commodities), Tapan Patel, “Gold prices have stagnated due to a weak dollar and a fall in US bond yields.” Navneet Damani, VP, Motilal Oswal Financial Services, Commodities Research, says, “Gold continues to rise, hovering near the seven-week peak in the previous session.
Record increase in gold imports
It may be noted that in the last financial year, gold imports had increased by 22.58 per cent. During this, a turnover of $ 34.6 billion i.e. 2.54 lakh crore rupees. According to the data, there was a decrease in silver imports during the last financial year. This came down by 71 percent to $ 791 million.
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