New Delhi: Gold and silver prices rose today, Monday, after last week's fall. According to the Website of the Indian Bullion and Jewellers Association (IBJA), gold rose 327 rupees, to 47,573 rupees per 10 grams in the bullion market today. However, gold prices fell in the futures market today. Gold was trading at Rs 47,445 at 1.00 MCX.
On the other hand, when it comes to silver, the bullion market gained 1,641 rupees, to 65,116 rupees per kg. On MCX also, it was trading at Rs 65,486, up 277 rupees at 1 pm. Gold was cheaper by 301 rupees and silver by 135 rupees last week. The demand for gold in the country is again increasing. India has imported 121 tonnes of gold in the month of August, which is double that of August 2020. In August 2020, 63 tonnes of gold was imported. Experts believe that the fall in gold prices and relief from lockdown swelled the demand for gold.
A government official, who spoke on condition of anonymity, said that the import for the first eight months of 2021, january to august, reached 687 tonnes. India consumes 700-800 tonnes of gold every year, out of which 1 tonne is produced in India and the rest is imported. Gold imports in the country stood at 344.2 tonnes in 2020, down 47% from the previous year. It was 646.8 tonnes in 2019.