Gold prices rose slightly in the national capital on Thursday, but silver prices fell. In the national capital, gold rose by Rs 44 to Rs 44,477 today. According to HDFC Securities, gold stood at Rs 44,303 per 10 grams in the previous trade. The impact of gold on the domestic market was affected by the rise in global prices and the depreciation of the rupee against the dollar.
Silver is cheaper at Rs 6337
Speaking of silver, it declined by Rs 737 per kg to Rs 644,100. Silver had closed at Rs 644,74747 in the previous trading day. In the international market, gold reached 1, 1,733 an ounce, while silver was at. 24.97 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%. Therefore, we are rationalizing tariffs on gold and silver. ”Tariffs on gold and silver have been reduced to 0.5 per cent.
Gold imports fell 3.3 percent in 11 months this year
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 current account deficit (CAD) of the country. Yellow metal imports stood at ২ 26 billion during the same period last fiscal. According to data released by 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.