There has been a fall in the premium of gold on domestic prices in the country, as well as the price of gold has fallen. Last week's official rate i.e. 1 tola has reduced the premium of gold from about three hundred rupees to about 150 rupees. Import duty and GST are also included in the price of domestic gold.
Talking about the futures market, after the fall in global rates, gold prices fell by 1.4 percent on Friday, taking the gold rate to 52,170. Due to Corona infection epidemic in the country and rising prices of gold, there is a decrease in the demand for retail gold. Experts believe that despite the weak demand, due to limited supply from suspension of international flights, dealers have got permission to charge premium. However, last month saw good response in investment in gold. At the same time, inflows in gold ETFs have increased in July compared to the month of June. Inflows in Gold ETFs were Rs 494 crore in June, compared to Rs 921 crore in June.
If the gold is considered as a wholesaler, then the investment may be affected due to the fall in gold. At the same time, if seen on a weekly basis, the price of gold has fallen by Rs 2,600 per gram in 1 week. Talking about global markets, gold has seen its first weekly decline in 2 months due to profit making and increase in US bond yield.
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