Gold prices fell slightly at the end of Thursday amid rupee appreciation and weak global cues. According to the prices given by the Indian Bullion and Jewellers Association, on January 14, the rate without GST for gold (purity-999) is Rs 49,011 per 10 grams, while for gold with purity-995 is Rs 48,815. Silver prices too fell slighly to stand at Rs. 64,804 at the end of Thursday.
As of Thursday afternoon, gold prices for February delivery on the the Multi Commodity Exchange declined Rs 445, or 0.9 per cent, to Rs 48,860 per 10 gram in a business turnover of 8,021 lots. In the international market, gold was trading 0.69 per cent lower at USD 1,842.10 per ounce in New York.
However, despite the slight downward trend, a World Gold Council (WGC) report suggests that with consumer sentiment likely to recover in 2021, gold demand appears to be positive in India.
Gold demand appears to be positive in India as the consumer sentiment is likely to recover in 2021, from its dismal performance due to the coronavirus pandemic-related disruptions and volatile price movement, according to a report by the World Gold Council (WGC). The report says that even as lobal economic growth is likely to remain anaemic relative to its full potential for some time, the relatively stable price performance of gold since mid-August may foster buying opportunities for consumers.
Initial data about the Dhanteras festival in November suggest that while jewellery demand was still below average, it had substantially recovered from the lows seen in the second quarter (April-June 2020) of last year, according to the report.
(With inputs from agencies)
