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.
Highlights
Silver gained Rs 1,102 to Rs 66,954 per kg.
Gold had closed at Rs 49,239 per 10 gram on Wednesday.
New Delhi: Gold on Thursday gained Rs 385 to Rs 49,624 per 10 gram in the national capital, reflecting gains in global precious metal prices. Silver also witnessed buying as it gained Rs 1,102 to Rs 66,954 per kg, from Rs 65,852 per kg in the previous trade.
In the previous trade, the precious metal had closed at Rs 49,239 per 10 gram.
In the international market, gold was trading with gains at USD 1,878 per ounce and silver was flat at USD 25.80 per ounce.
Prof Arvind Sahay, Chairperson, India Gold Policy Center at the Indian Institute of Management Ahmedabad (IIMA) told
IGPC flags import of impure gold into India
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“Additionally, India is yet to comply with the Financial Action Task Force (FATF) recommendation on notifying reporting entities for the jewellery sector,” said Arvind Sahay, chairperson, IGPC.
Agencies
The resulting impact will be greater transparency in the supply chain that shall benefit all stakeholders long term. The country of origin would also have a mechanism to assess the royalties paid by their local exporter.
Indian refineries importing gold dore (impure gold) is a process wrought with money laundering risks the India Gold Policy Centre (IGPC) at IIM-Ahmedabad has said. IGPC said that nominated banks, agencies and all the jewellery re-exporting companies need to employ adequate due diligence verifications about the source of impure gold, which is not the case at present.