Gold prices flat in India are flat at Rs 48,986/10 gm, jewelry demand in India falls 42% in 2020

Gold prices were smooth in the Mumbai retail market at Rs 48,986 per 10 gram on rupee devaluation and adverse global signals. The yellow metal exchanged softer weighed down by a tougher dollar and vaster sell-off across purchases class amid undisputed risk revulsion.

The price of 10 gram 22-carat gold in Mumbai was Rs 44,871 plus 3 percent GST, while 24-carat 10 gram was Rs 48,986 plus GST. The 18-carat gold pertained to Rs 36,740 plus GST in the commercial demand of the market.

World Gold Council in its Gold Demand Trend Reports for 2020 said that the pressure for gold in India fell over by 35 percent to 446.4 tonnes in the year 2020 against 690.4 jewelry 2019, while the total amount Of jewelry demand declined by 42 percent to 315.9 tonnes as compared to 544.6 tonnes in the identical duration.

Somasundaram PR, Managing Director, at India, World Gold Council said that India’s demand for gold plunged by over a third in 2020 equaling 446.4 tonnes on the end of the COVID-19 pandemic t led to lockdowns and lifetime big prices. Nonetheless, the fall was considerably worse when perceived in terms of its value which is 14 percent softer than 2019 as prices were up 34 percent trembling around Rs 50,000/10grams for most of the past year.

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