Gold Price Today, 23 March 2021: Gold prices dip below Rs 44,800, silver gets cheaper


New Delhi: Gold futures for April delivery on MCX started on a tepid note on Tuesday as well. 

Gold futures for April delivery opened at Rs 44,786 per 10 gram on Tuesday against the previous close of Rs 44905 while silver future for May delivery opened at Rs 66026 per Kg against the previous close of Rs 66,331. 

On Friday, the April futures of gold had managed to close above Rs 45,000 per 10 grams.

Gold imports fell during April-February 2020-21

Gold imports, fell 3.3 per cent to USD 26.11 billion during April-February 2020-21, according to the commerce ministry data. Imports of the yellow metal stood at USD 27 billion in April-February 2019-20.

Gold imports have a bearing on the country’s current account deficit (CAD). The decline in gold imports has helped in narrowing the country’s trade deficit to USD 84.62 billion during the 11-month of the current fiscal, as against USD 151.37 billion a year ago.

India largest importer of gold

India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonnes of gold annually.

Gold in the national capital tumbled by Rs 302 to Rs 44,269 per 10 grams on Monday. In the previous trade, it had closed at Rs 44,571 per 10 grams. Silver also tanked Rs 1,533 to Rs 65,319 per kg, from Rs 66,852 in the previous trade.

In the international market, gold was trading marginally up at USD 1,731 per ounce while silver was trading lower at USD 25.55 per ounce.

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