Gold prices saw a mixed week in Delhi as they started the week at ₹44,113 per 10 gram on Tuesday and on Thursday rallied by ₹881 to ₹44,701 tracking global markets. Local gold futures were trading around ₹45,000 per 10 grams on Thursday after falling to ₹44,108 earlier this week, their lowest level since April last year.
On Tuesday, gold dipped by ₹138 to ₹44,113 per 10 gram in Delhi amid the decline in global precious metal prices, news agency PTI reported cited HDFC Securities. The yellow metal closed at ₹44,251 per 10 gram in the previous trade.
Silver also declined ₹320 to ₹63,212 per kg, from ₹63,532 per kg in the previous trade.
Gold prices witnessed selling with COMEX (New York-based commodities exchange) gold falling to two weeks low on stronger dollar, Tapas Patel, a senior analyst for commodities at HDFC Securities, said according to PTI.
In the international market, gold was trading lower at $1,698 per ounce and silver was flat at $24.49 per ounce.
Gold prices declined by ₹49 to ₹43,925 per 10 gram in the national capital on Wednesday, reflecting overnight selling in global precious metal prices, according to HDFC Securities. The precious metal had closed at ₹43,974 per 10 gram in the previous trade. Silver also registered a fall of ₹331 to ₹62,441 per kg from ₹62,772 per kg in the previous trade.
The government on Wednesday imposed import restrictions on certain gold jewelry and articles, a move which would help cut import of non-essential items and contain the trade deficit.
Now, an importer would need a permission or license from the government for importing these gold products.
However, the directorate general of foreign trade (DGFT) said that the restrictions will not be there for imports under the India-UAE free trade agreement.
In a notification, the DGFT said that the import policy of these products "has been amended from free to restricted, with immediate effect".
Imports of pearls, precious and semi-precious stones dipped by 25.36 percent to about USD 4 billion during April-May this fiscal. Gold imports too contracted by about 40 percent to USD 4.7 billion in the same period.
Overall merchandise imports during April-May this fiscal declined 10.24 percent to USD 107 billions. The merchandise trade deficit for April-May 2023 stood at USD 37.26 billions, against USD 40.48 billions during April-May 2022.
Import of certain gold jewelry stood at over USD 110 million in April-may this fiscal, and it was mainly imported from countries like the UAE, Indonesia and the US.
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Colin Shah, MD, Kama Jewelry, and former chairman of gems and jewelry export promotion council, said, Though the steps by the government is to balance the macroeconomics. Gold, a raw material, should be available at reasonable prices for the Gems & Jewelry industry to maintain the competitive edge for exports.
Gold prices saw a mixed week in Delhi as they started the week at ₹44,113 per 10 gram on Tuesday and on Thursday rallied by ₹881 to ₹44,701 tracking global markets. Local gold futures were trading around ₹45,000 per 10 grams on Thursday after falling to ₹44,108 earlier this week, their lowest level since April last year.
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