The declining trend in gold prices for five consecutive trading sessions has taken a break. According to HDFC Securities, gold prices rose by Rs 94 to close at Rs 46,877 per 10 gram in the national capital on the back of a rising trend in the international price of precious metal. In the previous trading session, gold had closed at Rs 46,783 per 10 grams.
Silver becomes expensive by Rs 340
While silver gained Rs 340 to Rs 68,391 per kg, compared to Rs 68,051 per kg in the previous trading session. In the international market, gold gained the US $ 1,815 an ounce and silver also gained $ 27.16 an ounce.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said gold prices rose in the US amid disappointing employment figures and expectations of stimulus packages there.
Gold demand decreased by more than 35 percent last year
The country’s gold demand declined by more than 35 percent to 446.4 tonnes in the previous year ie 2020. This information is given in a report of the World Gold Council (WGC). On the WGC’s 2020 demand for gold, the report noted that the demand for gold declined amid the enforced lockdown due to the coronavirus and the price of precious metals reaching an all-time high. However, at the same time, the report said that the situation is normalizing and the industry has been strengthened by continuous reforms. Therefore, the demand for gold is expected to improve in 2021 this year. According to WGC data, the demand for gold by value last year declined by 14 percent to Rs 1,88,280 crore.