Gold-Silver Price: Before Valentine’s Week, gold-silver prices fell, know the condition of the bullion market for the whole week.
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Gold-Silver Price: According to a report, gold import in India has increased by 26.7 percent to $ 35.95 billion in the first nine months of the current financial year (April-December). Meanwhile, gold prices have continued to fluctuate. After remaining sluggish for almost half a month in January, there was a slight rise in gold prices. Now, since the first week of February, a rise in prices is being seen. A large number of couples buy gold on the occasion of Valentine’s Day in February. This is affecting the customers. According to India Bullion and Jewelers Association (IBJA), on the first trading day of last week, January 29, the price of ten grams of 24 carat gold was Rs 62,515, which reached Rs 63,142 on the last trading day of the week, i.e. February 2. During this period, the price of one kg silver of 999 purity has increased from Rs 71,371 to Rs 71,864.
Demand for gold increased
After the end of Kharmas, the wedding season has started in India. Which will now continue till approximately July. In such a situation, demand has also increased along with the price of gold. Ravi Saraf, member of the Gold and Silver Traders Association, says that those whose homes are to have weddings from March to June-July, are purchasing gold and silver. Along with this, the demand for lightweight items for gifts has also increased. People are demanding better design in light. Switzerland is the largest source of gold import to India, from where the share of imports is about 41 percent. This is followed by United Arab Emirates (about 13 percent) and South Africa (about 10 percent). The share of this precious metal in the total imports of the country is more than five percent. At present, there is an import duty of 15 percent on gold. Despite the increase in gold imports, the country’s trade deficit (the difference between imports and exports) declined to $188.02 billion in the first three quarters of this financial year as compared to $212.34 billion in April-December, 2022.
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