New Delhi: Although gold prices gained on Thursday, the yellow metal was still trading below Rs 44,400 range. Gold prices rose by Rs 44 to Rs 44,347 per 10 gram in the national capital on Thursday. It had closed at Rs 44,303 per 10 gram in the previous trade. Silver, however, dipped Rs 637 to Rs 64,110 per kg, from Rs 64,747 per kg in the previous trade.
Gold Future Trade
Gold futures on Thursday fell 0.15 per cent to Rs 44,792 per 10 gram as participants offloaded their holdings on a low spot demand. On the Multi Commodity Exchange, gold prices for April delivery slipped by Rs 68, or 0.15 per cent, to Rs 44,792 per 10 gram in a business turnover of 6,874 lots.
International gold prices
Gold prices edged higher on Thursday as surging COVID-19 cases across Europe fuelled concerns about the pace of economic recovery, although a stronger U.S. dollar curbed the metal`s gains. Spot gold was up 0.1% at $1,736.51 per ounce by 0533 GMT. U.S. gold futures were up 0.2% at $1,736.50 per ounce, a Reuters report said.
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.