On MCX, August gold futures climbed 0.66 per cent to Rs 51,035 per 10 gram. Silver September futures jumped to Rs 61,223 per kilogram. MCX
has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval.
received the approval of Sebi for the launch of Gold Mini options with Gold Mini (100 grams) bar as underlying, MCX
said in a statement.
Gold import in the calendar year 2020 (CY20) is expected to fall 50 per cent to nearly a 17-year low because of lacklustre demand since the Covid-19 outbreak in March and record-high prices. Experts estimate only 350 tonne of gold import this year, matching the 2003 figure.
The jewellery industry is expecting the consumer demand for gold to falter further amid surging prices of the precious metal and economic slowdown.
Gold prices have been ruling at unprecedented highs in India and global bullion markets
as investors are preferring safe haven assets amid economic uncertainty triggered by the COVID-19 pandemic.
"The demand is already very sluggish at the moment with only 20-25 per cent business taking place following the economic slowdown, insecurity over jobs, social distancing and lockdowns due to COVID-19. The high price of gold will add on to the already sluggish consumer demand," All India Gem and Jewellery Domestic Council Chairman Anantha Padmanabhan told PTI.
The global benchmark spot gold prices held near a nine-year peak. Basically, consumers are waiting for the volatility in gold to settle down before taking any buying decisions, he said adding that the prices are expected to be bullish till November at least. "There might be slight fluctuations in prices but no major changes."