The pressure on gold is increasing due to the increase in the interest rate on the US bond yield. In such a situation, today the gold delivery on MCX reached the lowest level of 2 months. Yes, the US Federal Reserve is doing bond tapering. In such a situation, economic experts now believe that the Fed can increase the interest ahead of time. Because of this, the dollar is showing strength. Let us tell you that the 10-year US bond yield is currently at the highest level since March 2021. On the other hand, gold for delivery in February at 2.20 pm on MCX was down by Rs 81 to trade at Rs 47,370 per ten grams.
Let us tell you that gold for delivery in April was currently trading at Rs 47,534 per ten grams with a fall of Rs 42. At the same time, gold is in the green mark in the international market and it was trading at the level of $1780. On the other hand, apart from gold, silver is also seeing a decline. On MCX, silver for delivery in March was down by Rs 190 to trade at Rs 60,236 per kg. On the other hand, silver for May delivery was trading at Rs 60,900 per kg with a fall of Rs 226. With this, silver was trading with a fall in the international market at a level of $22.23 an ounce. Let us tell you that the 10-year US bond yield was currently down 0.57 per cent at 1.723 per cent.
At the same time, there is pressure on the dollar index as well. It was down 0.18 per cent at the level of 96.150 points. This index shows the strength of the dollar against the world's six major currencies. If we talk about gold, then in the year 2021, India imported a record. At the same time, according to a Reuters report, India imported gold worth $55.7 billion last year. A total of $22 billion was imported in 2020. Prior to this, a total of $53.9 billion in gold was imported in the year 2011.
Since the year 2020, the demand for gold was suppressed for a long time due to two waves of corona, cancellation of weddings, avoidance of integrity during the festive season. Due to this, record gold was imported in the year 2021 as there was a tremendous increase in demand. Recently, experts have also said that due to the Omicron variant, there will be a jump in the price of gold this year. At the same time, the government has cut duty in gold imports, due to which demand will also increase.
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