New Delhi [India], January 22 (ANI/Mediawire): We Indians love gold. We like wearing it, we like keeping it, we like gifting it. If estimates are to be believed, Gold reserves held by households and religious temples in India is anywhere between 25,000-30,000 tonnes, much of it passed down through generations. So, it s only natural that India has been one of the gold capitals of the world, with almost a third of all of the world s gold passing through its borders. According to a report by IMPACT, India is importing approximately 1,000 tonnes of gold per year a quarter more than what official figures indicate. A spike in smuggling of gold is being attributed to the government s decision to increase the import duty of gold in July 2019 from 10 percent to 12.5 percent.
Sensex outshines gold in journey to 50,000 mark
Gold and Sensex have seen a strong rise in 2020, giving high returns to investors amid Covid-19 uncertainty
Rupa Burman Roy | January 21, 2021 | Updated 17:54 IST
Sensex rose 15% from 41,253 registered on December 31, 2019, to 47,780, recorded on December 31, 2020
Benchmark Sensex, that hit historic mark of of 50,000 today, has delivered better returns than the gold, on the back of roll-out of vaccines globally, normalisation of business operations and the monetary and fiscal support from the government.
Sensex surged almost 95.7% to the lifetime of 50,184 today from lows of 25,638 points in March 2020, when India announced Covid-19 lockdown. Gold prices, on the other hand, rose 36% from Rs 41,226 per 10 gm hit on March 23, 2020 to the lifetime high of Rs 56,191 per 10 gm on August 7, 2020.
Story
Gold price plummets by Rs 2,000 on rising bond yields, dollar; silver rates at Rs 63,800
On Multi Commodity Exchange of India (MCX), gold futures for February slumped 4% or Rs 2,086 to Rs 48,818 per 10 gram while silver futures tanked Rs 6,112 or 8.8% to Rs 63,850 per kg
Rupa Burman Roy | January 9, 2021 | Updated 13:18 IST
Prices further weakened after the 10 years US Treasury yield increased above 1%, its highest levels since March as Democrat control of the US Senate raised the prospects of large stimulus measures
Precious metals tumbled in line with the international market on Friday and traded near the key psychological level of Rs 48K.
Highlights
Gold set to wrap up shiniest year since 2010.
Has a positive outlook for 2021.
New Delhi: Gold prices gained Rs 235 to Rs 49,675 per 10 gram in the national capital on the last trading day of 2020.
In the previous trade, the precious metal had closed at Rs 49,440 per 10 gram. Silver also went up by Rs 273 to Rs 67,983 per kilogram from Rs 67,710 per kilogram in the previous trade.
The the yellow metal was enroute to register its best annual performance in 10 years. Spot gold was almost flat at $1,893.84 per ounce by 1000 GMT, but was up more than 24% for the year, its best since 2010. U.S. gold futures were up 0.3% to $1,898.70, a Reuters report said.
Gold price rose 28% in 2020; check out targets for next year
Led by risk aversion, safe-haven buying, and uncertainty caused by COVID-19 disruptions, Gold Futures moved to an all-time high of Rs 56,191 per 10 grams at MCX, rising by almost 43% in the year, while silver had edged closer to Rs 80,000 per 10 gram
Rupa Burman Roy | December 31, 2020 | Updated 18:01 IST
Initially, gold prices had plunged amid economic uncertainties arising out of coronavirus pandemic. Spot gold had hit a seven month low in March
Gold prices have rallied 28% in rupee terms in 2020, making the less risky asset, one of the most preferred ones by investors this year. Spot gold overseas is positioned to end the year 20% higher year-to-date.