New Delhi: Gold was buying and selling flat amidst constructive developments in worldwide prices. On the Multi-Commodity Exchange (MCX), June gold contracts opened at Rs 47,353 in opposition to the shut of Rs 47,353. May silver futures have been nonetheless buying and selling down. Silver future for May supply opened at Rs 68,456 per kg as in opposition to its shut of Rs 68,684.
Gold edged larger on Monday, hovering close to a seven-week peak hit in the earlier session, as a weaker greenback and decrease U.S. Treasury yields supported prices. Spot gold was up 0.1% at $1,777.33 per ounce by 0238 GMT, after hitting its highest since Feb.25 at $1,783.55 on Friday. U.S. gold futures edged 0.2% decrease to $1,777.
The greenback index was languishing close to a one-month low in opposition to its rivals, making gold inexpensive for other forex holders.
Benchmark U.S. 10-year Treasury yields edged decrease in the direction of multi-weeks low touched final week. Lower bond yields scale back the chance price of holding non-interest bearing gold.
Elsewhere, silver fell 0.6% to $25.81 per ounce after hitting a close to one-month excessive in the final session.
Gold imports rise by 22.58% to $34.6 bn in 2020-21
Gold imports, which have a bearing on the nation’s present account deficit (CAD), rose by 22.58 per cent to USD 34.6 billion (about Rs 2.54 lakh crore) throughout 2020-21 resulting from elevated home demand, in line with the Commerce Ministry knowledge.
Silver imports over the last fiscal, nonetheless, dipped by 71 per cent to about USD 791 million. Imports of the yellow metallic stood at USD 28.23 billion (about Rs 2 lakh crore) in 2019-20, the information confirmed.
Despite progress in gold imports, the nation’s commerce deficit narrowed to USD 98.56 billion throughout 2020-21 as in opposition to USD 161.3 billion in 2019-20.
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