Gold-Silver Rates Today, 28th June 2021: Find Out the Latest Gold and Silver Prices

Gold-Silver Prices Today, 28th June: Globally, gold prices fell to a one-week low on Monday and the dollar became stronger. Despite mixed signals from the US Federal Reserve and the tightening of the monetary policy, there was a decrease in inflation figures. 

Representative Image

New Delhi: On Monday, the price of 22-carat gold per 10 grams fell to Rs. 46,160 (from 46,190 on Friday). On the other hand, the price of gold witnessed a rise and reached Rs. 67,900 today. In Delhi, the price of 22-carat gold per ten grams is Rs. 46,260. Its price in Chennai is Rs. 44,460 per 10 grams. In the financial capital of India, Mumbai, its price is Rs. 46,160 per 10 grams.

The price of 24-carat gold, too, has fallen compared to Friday. It is priced at Rs. 47,160 per 10 grams today as compared to Rs. 47,190 on Friday.

Globally, the gold prices slid to a one-week low on Monday, with a rally in the dollar and a fall in inflation figures despite the tightening of the monetary policy due to mixed cues from the US Federal Reserve. 

Gold imports increased manifold to $6.91 billion during April-May
Gold imports in the country increased manifold to $6.91 billion during April-May in the current financial year as compared to the same period last year. Imports had gone down drastically in the same period of the last financial year due to the COVID-19 pandemic and country-wide restrictions.  Gold imports have an impact on the current account deficit.

According to the Ministry of Commerce data, in FY 2020-21, the import of this valuable metal was $791 million in the same period. Silver imports also declined by 93.7% to $276 million during April-May in this financial year. Due to an increase in gold imports, the trade deficit (the difference between imports and exports) reached $21.38 billion in April-May 2020-21. It was $9.9 billion in the same period a year ago.

India is the largest importer of gold. Gold is mainly imported to meet the demand of the jewellery industry. Gold imports range from 800 to 900 tonnes annually, depending on the quantity. Gems and jewellery exports grew manifold to $6.34 billion in the first two months of the current fiscal year (from $1.1 billion in the same period last year).