Gold & Silver Goes Cheaper In The Bullion Market
During the Russia-Ukraine war, in the international market, the price of crude oil has increased to USD 106 per barrel. At the same time, a fall in the price of gold and silver was seen in India's bullion market by about Rs 310 per 10 grams, while the price of silver fell by Rs 510 per kg on Monday.
According to the website of IBJA, gold was sold for Rs 52,462 per 10 grams on Friday, March 11, 2022, in the last trading session. At the beginning of trading on Monday, with a fall of Rs 310, it opened at Rs 52,152 per 10 grams. At the same time, silver was sold at a price of Rs 69,713 per kg on last Saturday. At the beginning of trading on Monday, it opened with a fall of Rs 510 at Rs 69,203 per kg.
A fall in the price of gold has been recorded in the bullion market of the national capital Delhi on Monday. On the first trading day of the week, the price of 22 carat 10 grams of gold in Delhi is Rs 48,100, while on Sunday the price of 22 carat 10 grams of gold was Rs 48, 410. At the same time, today, Rs 52, 470 will have to be paid for buying 24 carat 10 grams of gold, whereas yesterday the price of 24 carat 10 grams gold was Rs 52, 810. Today the price of one kilogram of silver has increased in Delhi. Today the value of 1 kg of silver is Rs 70,000 whereas yesterday the price of 1 kg silver was Rs 70, 300 i.e. today the price has decreased by Rs 300.
On the other hand, gold imports in the country have increased by 73 per cent to USD 45.1 billion in the first 11 months (April-February) of the current financial year. According to an official data, gold imports have increased due to high demand. With this, gold imports stood at USD 26.11 billion in the same period of the previous financial year. According to commerce ministry data, imports of the precious metal, however, declined by 11.45 per cent to USD 4.7 billion in February 2022. The country's trade deficit has also increased due to increase in gold imports in the first 11 months of the current financial year. The trade deficit has widened to USD 176 billion in the first 11 months of 2021-22, from USD 89 billion in the same period of the previous fiscal.
