Gold prices fall by Rs 100 on Saturday; silver sells for Rs 56,000 per kg
Gold prices fell 100 rupees in early trading on Saturday, with 10 grams of the yellow metal (24 carats) trading at 52,150 rupees. The price of silver, meanwhile, fell from Rs 700 to Rs 56,000 per kg.
The price of 22k gold also fell by Rs 100 and the precious metal is trading at Rs 47,800.
In Mumbai and Kolkata, 24 karat gold sells for Rs 52,150 for 10 grams, while 22 karat gold trades at Rs 47,800 in the respective cities. In Delhi, 24k and 22k gold are trading at Rs 52,310 and Rs 47,950 for 10g, respectively.
In Chennai, 24k and 22k gold are trading at Rs 52,600 and Rs 48,220, respectively.
Meanwhile, India’s gold imports, which impact the country’s current account (CAD) deficit, rose 6.4% to $12.9 billion from April to July. due to healthy demand, according to government data.
Imports were $12 billion in the same period a year ago.
In July 2022, however, precious metal imports fell sharply by 43.6% to $2.4 billion, according to the latest data released by the Department of Commerce.
Rising gold and oil imports in the first four months of this fiscal year contributed to a record trade deficit of $30 billion, up from $10.63 billion in April-July 2021.