New Delhi: Gold futures for April delivery on MCX started on a tepid note on Monday. On Friday, the April futures of gold had managed to close above Rs 45,000 per 10 grams.
Gold futures for April delivery opened at Rs 44,974 per 10 gram on Monday while silver future for May delivery opened at Rs 67,000 per Kg. The silver futures on MCX are trading down by about Rs 1000 per kg.
Gold imports fell during April-February 2020-21
Gold imports, fell 3.3 per cent to USD 26.11 billion during April-February 2020-21, according to the commerce ministry data. Imports of the yellow metal stood at USD 27 billion in April-February 2019-20.
Gold imports have a bearing on the country’s current account deficit (CAD). The decline in gold imports has helped in narrowing the country’s trade deficit to USD 84.62 billion during the 11-month of the current fiscal, as against USD 151.37 billion a year ago.
India largest importer of gold
India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonnes of gold annually.
International gold prices
Gold prices slipped on Monday as investors opted for alternative safe-haven assets such as the US dollar and bonds after Turkey`s abrupt decision to replace its central bank head with a critic of high interest rates sparked financial uncertainty. Spot gold was down 0.2% at $1,741.19 per ounce by 0430 GMT, having dipped as much as 0.7% earlier in the session. U.S. gold futures were down 0.1% at $1,740.20 per ounce, a Reuters report said.