According to a report, due to the sharp jump in prices, the discounts offered by gold dealers in India have become the highest in many years. the household Sleep Prices had touched higher levels Ukraine not far from all-time high of 55,500 this week amid crisis 56,191 hits in August 2020. The price hike prompted dealers to offer discounts as high as $77 an ounce on official domestic prices – the highest in six years – against $27 last week, Reuters reported.
Gold rates in India include 10.75% import duty and 3% GST. The report quoted a bullion dealer as saying that some consumers are selling their old jewelery to take advantage of the higher prices.
Discount is expected to ease as gold has given up some of the recent gains. Gold futures closed on MCX 52800 per 10 grams on Friday while on silver 70246 per kg. silver sprung 73,000 earlier this week.
In global markets, gold on Friday fell to around $1,980 an ounce from its recent highs. The price reached $2,070.44 on Tuesday, which is $5 less than the all-time high in August 2020. But analysts said Russia-Ukraine crisis Prices of the precious metal will continue to support the upside, but prices may remain volatile as market players remain non-committal ahead of this week’s Fed meeting.
Meanwhile, data shows that India’s gold imports, which have a bearing on the country’s current account deficit (CAD), fell by about 73% during April-February in the current fiscal due to higher demand, according to official data. increased to $45.1 billion. Imports stood at $26.11 billion in April-February 2021.
However, in February 2022, imports of the precious metal declined by 11.45 percent to $4.7 billion, according to commerce ministry data. India is the second largest consumer of gold in the world after China. (with agency input)
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