Sona Chandi Ka Bhav: Supply of gold increased rapidly, it is being imported from abroad, know how much the demand has increased?

Gold and silver price: The price of gold in the country has increased by 4.2 percent (Rs 2,985 per gram) in a month to Rs 74,093 per ten grams. After the reduction in import duty in the budget, the price has increased more than the reduction. Despite this, experts believe that the demand for gold will set a record during the festive season.

The reduction in import duty has made it easier to import gold from abroad. It is reaching all the jewelers of the country. According to an estimate, the demand for gold will increase by more than 30 percent this festive season. After the reduction in import duty on gold in the general budget, India's gold imports have increased more than three times in August.

According to the Commerce Ministry, imports in August stood at $10.06 billion (Rs 84,453.7 crore) on a monthly basis, up from $3.13 billion (Rs 26,276.35 crore) in July. The main reason for this increase is the festive season. Demand is expected to increase for this. The import duty on gold was 15%, which was reduced to 6% in the budget.

Demand for gold will remain high during the festival

According to experts, due to the fall in prices in the global market, it is being estimated that the demand for gold will remain high during the festival. The reason is that now most of the gold will come to India through legal routes only. Vipul Shah, Chairman of Gems and Jewellery Export Promotion Council, says, 'Due to the reduction in import duty, the inflow of gold from abroad has increased.' 42 lakh marriages till December, demand will increase

According to the Confederation of All India Traders (CAT), 42 lakh weddings are going to take place in November-December. About Rs 5.5 lakh crore will be spent on this. Jewellery is one of the three major sectors which will get a major share of this expenditure.

There is also demand for coins and bars along with jewellery

Anuj Gupta, Commodities and Currency Head, HDFC Securities The dollar has weakened due to the unexpected cut in interest rates by 0.5% by the US Fed. In such a situation, other asset classes including gold have suddenly started shining. The festive season is going to come in full swing after Navratri. In such a situation, there is a huge demand for gold.

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