On Friday, gold prices rose marginally in the national capital. At the same time, silver became cheaper than before. In the national capital, gold rose by Rs 168 to Rs 44,580 per 10 grams today. According to HDFC Securities, gold was trading at Rs 44,412 per 10 grams in the previous session.
Silver has become a low price. 135
Speaking of silver, it has come down by Rs 135 per kg to Rs 66,670,066. On the previous trading day, silver was closed at Rs 741. International gold prices stood at 1, 1,741 an ounce, while silver stood at $ 2.12 an ounce.
The government has reduced import duty on gold and silver
On February 1, the government announced a reduction in import duties on gold and silver. The move will help reduce the prices of these precious metals in the domestic market and encourage the export of gems and jewelery. Finance Minister Nirmala Sitharaman, while presenting the budget for 2021-22, said, “Gold and silver are currently taxed at 12.5%. , We are rationalizing tariffs on gold and silver.
The jewelry industry has welcomed the move, saying it could curb the retail demand and smuggling of the world’s second-largest bulier customer. Analysts say growing global demand for gold could support global prices.
Demand for damaged jewelry due to Covid-19
According to the report, India’s gold demand fell by 35.34 per cent to 4,446.4 tonnes in 2020 from 9,090.4 tonnes in 2012. According to the WGC, demand for gold fell 14 per cent to Rs 1,7,260 crore last year. The demand value of gold in 2019 was Rs 2,17,770 crore.