Gold at six months high; rupee at all-time low
Gold at six months high; rupee at all-time lowNew Delhi, Aug 16 (KNN) Gold prices regained Rs 30,000 level, a sixth month high to Rs 30,285 per 10 grams as the central government increased customs duty on gold from 8 per cent to 10 per cent, although the rupee plunged to an all-time low.
The price of silver too increased sharply.
As India is a net importer of gold, the small jewellery traders were disappointed with the increase in the import duty as they were finding it difficult to buy gold from outside.
Also, the jewellery shops witnessed a dip in the number of buyers today.
Globally, gold rose 0.50 per cent, to trade at USD 1,372.97 an ounce in Singapore today, the highest since June 19 in Singapore today.
However, according to World Gold Council’s (WGC) quarterly report, gold demand in India rose 71 per cent to 310 tonnes in the second quarter of calendar 2013.
Of the total, Jewellery demand rose 51 per cent in volume terms to 188 tonnes while investment demand (investment in bars and coins) was up 116 per cent at 122 tonnes.
Gold imports by India, more than doubled in the second quarter of 2013 after a fall in prices in April which increases the demand for bars and coins, according to the World Gold Council.
Meanwhile, the rupee hit an all-time low of 62.03 to the dollar, breaching its previous record low of 61.80 hit on August 6. (KNN/SD)