Gold in the national capital on Tuesday fell by Rs 305 to Rs 46,756 per 10 gram in line with a fall in international precious metal prices and rupee appreciation, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 47,061 per 10 gram. Silver also dipped Rs 113 to Rs 67,810 per kilogram from Rs 67,923 per kilogram in the previous trade. The rupee advanced by 23 paise to 74.64 against the US dollar in opening trade on Tuesday.
Gold imports during March surged to 160 tonnes on account of duty cut to 7.5 per cent, reduction in prices of the precious metal and rise in demand in export markets, Gem and Jewellery Export Promotion Council (GJEPC) said on Tuesday.
The gold imports during March 2019-20, stood at 28.09 tonnes, according to the GJEPC data.
GJEPC noted that the surge in gold import is mainly due to the rise in demand for gem and jewellery products from exports markets
like the US, UK following lockdown relaxation, the wedding season in India, improved business and consumer sentiments and as well a recent sharp drop in gold prices.
In the global market, Gold gained on Tuesday as a rise in U.S. Treasury yields stalled and the dollar steadied near multi-week lows.
Spot gold was up 0.4% to $1,775.46 per ounce by 11:36 a.m. EDT (1536 GMT), after hitting $1,789.77 on Monday, its highest level since Feb. 25. US gold futures climbed 0.3% to $1,775.60.
US Treasury yields eased and held in a narrow range as investors awaited further market developments, while the dollar index steadied near its lowest level in about seven weeks.
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