Gold Price Update on August 17: Yellow metal price drops to Rs 52,768 per 10 gram

Gold prices on Monday dropped to Rs 52,768 from Rs 52,874 per 10 gram in morning trade. According to the India Bullion and Jewellers Association (IBJA), a Mumbai-based industry body, the rate without GST for gold (purity-999) is Rs 52,768, while for gold with purity-995 is Rs 52,557 on August 17. Meanwhile, silver prices rose to Rs 68,159 from Rs 67,768 per kilogram.

Gold prices according to purity levels are as follows:

999 - Rs 52,768/-

995 - Rs 52,557/-

916 - Rs 48,335/-

750 - Rs 39,576/-

585 - Rs 30,869/-

According to a report by moneycontrol.com, On the Multi-Commodity Exchange (MCX), October gold contracts were trading lower by 0.15 percent at Rs 52,150 per 10 gram at 0915 hours. September silver futures were trading at Rs 67,189 per kg, up 0.03 percent.

India's gold imports, which have a bearing on the current account deficit (CAD), plunged 81.22 per cent to USD 2.47 billion (about Rs 18,590 crore) during April-July period of 2020-21 due to a significant fall in demand in the wake of COVID-19 pandemic, according to data from the Commerce Ministry. Imports of the yellow metal stood at USD 13.16 billion (about Rs 91,440 crore) in the corresponding period of 2019-20.

Similarly, silver imports during the first four months of the current financial year also dipped 56.5 per cent to USD 685.32 million (about Rs 5,185 crore). The decline in gold and silver imports has helped in narrowing the country's trade deficit, difference between imports and exports, to USD 13.95 billion during April-July 2020-21 as against USD 59.4 billion in the year-ago period.

(Inputs from Agencies)

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