New Delhi: Investors from all over the world have started selling gold due to reports of Coronavirus vaccine. During the trading today, the price of gold and silver has declined. According to HDFC Securities, gold fell by Rs 1,049 to Rs 48,569 per 10 grams in the country's capital on Tuesday. Earlier, gold had settled at Rs 49,618 per 10 grams in the previous session.
On the other hand, talking about silver, it was reduced by Rs 1,588 to Rs 59,301 per kg as compared to the previous trading session. On Monday, its price was Rs 60,889 per kg. In the global market, gold remained flat at US $ 1,830 an ounce and silver at US $ 23.42 an ounce. Gold imports in India increased to $ 3.7 billion in August from $ 1.36 billion in the same month last year. India is the second-largest importer of gold after China. Gold charges 12.5% import duty and 3% GST on gold in India.
According to the report of the World Gold Council, India currently has 653 metric tonnes of gold. India ranks 9th in the world in terms of highest gold reserve. This is 7.4% of its total foreign exchange reserves.