Gold and silver prices fell in the national capital on Monday. In the national capital, gold fell by Tk 302 to Rs 44,2699 today. According to HDFC Securities, gold stood at Rs 44,571 per 10 grams in the previous trade. Gold prices are falling in the domestic market due to falling global prices and the rupee’s performance against the dollar.
Silver fell cheaply to Rs 1,533
Speaking of silver, it declined by Rs 1,533 per kg to Rs 65,319. Silver had closed at Rs 66,652 on the previous trading day. In the international market, gold reached 73 1,731 per ounce, while silver was at .5 25.55 an ounce.
The retail jewelry industry could grow 35 percent this year
The retail jewelry industry is expected to grow 30-35 percent this year after a sharp fall in gold prices. India Ratings said in a report that economic activity would reach Corona-East and softening gold prices would accelerate the recovery. Earlier, in the third quarter of 2020-21, the festive season, demand increased due to weddings and a ten per cent drop in prices boosted demand for gold. Demand for jewelry is expected to grow by 30-35 per cent in 2021-22 due to increased demand, however, given the ‘V-shape’ improvement in the economy in the next financial year, overall demand could grow by only 5-10 per cent compared to Corona’s previous level, the report said.
Gold imports in the first 11 months of this year were 3.3 percent
Gold imports fell 3.3 percent to ২ 2.11 billion in the first 11 months of the current fiscal year 2020-21. It is noteworthy that gold imports affect the country’s current account deficit (CAD). At the same time last fiscal, yellow metal imports stood at $ 26 billion. According to the Ministry of Commerce, the decline in gold imports has helped reduce the country’s trade deficit. The trade deficit narrowed to ৮ 6.6.22 billion in the first 11 months of the current fiscal, from ১৫ 151.37 billion in the same period a year ago.