For the third day in a row, gold and silver futures fell, find out what today’s prices are
Gold and silver futures prices have declined in the domestic market following the decline in global markets.
Gold futures fell for the third day in a row at Rs 48,493 per 10 grams
Silver futures fell 0.8 per cent to Rs 71,301 per kg
Exports to the Indian diamond industry are projected to grow by 20 per cent this year
Gold futures slipped for the third day in a row at Rs 48493 per 10 grams
Gold futures on the MCX fell for the third day in a row to Rs 48493 per 10 grams. Silver futures fell 0.8 per cent to Rs 71,301 per kg. Gold fell 0.8 per cent and silver 0.56 per cent in the previous session. The yellow metal is down nearly Rs 7,000 from last year’s high.
That’s the price in the global market
Gold in the international market fell 0.2 per cent to 18 1861 an ounce from the strong US dollar. Among other precious metals, silver fell 0.7 per cent to 27 27.64 an ounce. Investors are cautious ahead of the Federal Reserve policy meeting this weekend.
Exports to the Indian diamond industry are projected to grow by 20 per cent this year
Exports to the Indian diamond industry are expected to grow by 20 per cent this year as markets in the US and China improve. Rating agency Crisil said 75 per cent of the worn diamonds exported to India go to the US and China. The Indian diamond industry, which is struggling to recover from the epidemic, could pick up speed in the second half of the year and exports could reach 20 20 billion by 2021. Exports last year stood at 16.4 billion. Which was 12 per cent less than in 2019. The second wave of the Covid transition will see the return of workers in the diamond industry. Which will boost production.
India is a gold importer
Keep in mind that India is the world’s largest importer of gold. Gold can be imported mainly to meet the demand of the jewelery industry. In terms of quantity, India imports 800 to 900 tonnes of gold a year. The government has reduced the import price of gold by 12.5 per cent to 10 per cent in the budget. Gold is generally seen as a defense against inflation.
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