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Saturday, November 27, 2021

Gold: Silver prices surge before budget, gold also becomes expensive; Check rates

Gold prices rebounded after 4 trading sessions.

Gold, Silver Price Today: Before the budget, the prices of gold and silver were recorded strongly on Friday. In the domestic bullion market, the spot price of gold jumped by Rs 132 to Rs 48,376 per ten grams. Gold prices have returned sharply after 4 trading sessions. On the other hand, a strong jump in spot prices of silver was observed. Silver rose by Rs 2,915 to Rs 68,410 per kg. On Thursday, the price of gold in Delhi bullion market was Rs 48,244 per ten grams. At the same time, the price of Chadi was Rs 65,495 per kg.

HDFC Securities Senior Analyst Commodity Tapan Patel says that before the general outbreak, the spot price of 24 carat gold in Delhi jumped by Rs 132 per ten grams. At the same time, silver rose by Rs 2915 per kg. Talking about the international market, gold was at 1844.35 dollars per ounce, while silver was flat at 26.35 dollars an ounce.

Gold demand was down 35% in India

Last year in 2020, due to Corona epidemic, a major decline in gold demand was recorded. In 2020, gold demand globally reached an 11-year low. Talking about India, here too, there was a big decline of 35.34 per cent in gold demand and only 446.4 tonnes of gold demand in 2020 last year. According to the World Gold Council’s 2020 Gold Demand Trend Reports, India had 690.4 tonnes of gold demand in 2019. According to the World Gold Council (WGC), there was a drop in demand due to the lockdown imposed by the Corona epidemic and the record price of gold. However, WGC believes that this year the situation is returning to normal and in such a situation the demand for gold will increase.

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Up to 42% drop in jewellery demand

Gold demand in India declined by 35.34 per cent last year. If we look at it in value terms, gold demand fell by 14 percent in 2020. Last year there was a demand for gold of Rs 1,88,280 crore whereas in 2019 this figure was Rs 2,17,770 crore.
Talking about jewelery, its demand was reduced by 42 per cent last year in terms of volume and in 2020 there was a demand for jewelers of 315.9 tonnes while in 2019 this figure was 544.6 tonnes. When compared in value, last year, its demand fell by 22.42 per cent and in 2020 there was a demand for jewelery worth only Rs 1,33,260 crore whereas in 2019 this figure was Rs 1,71,790.

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