Gold Price Today, 1 April 2021: Gold Prices still down Rs 11,300 from record highs

New Delhi: Gold futures for June delivery on MCX have reached close to Rs 45,000 per 10 gram level. Although trading is taking place in a very limited range today, gold futures have become expensive by Rs 550 per 10 grams in last two days. Silver futures for May delivery on MCX closed with a big gain of around Rs 700 per kg, although today it has seen a slight decline.

June futures of gold on MCX are trading at the same level as yesterday. On intraday day, gold futures reached the level of Rs 44,990. Yesterday, gold was seen trading in the range of Rs 800 rupees and is at current level of Rs 44960 today. This week, gold has weakened by about Rs 250 so far.

Last year, due to the Corona crisis, people had invested heavily in gold. In August 2020, the price of 10 grams of gold on MCX reached the highest level of Rs 56191. Last year, gold gave a return of 43%. Compared to the highest level, gold has broken up by 25 percent and is Rs 44900 per 10 gram, thus slipping by about Rs 11300 from its record high level.

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 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 bounced back on Thursday from a three-week low hit in the previous session, as the U.S. dollar and Treasury yields eased, while President Joe Biden`s $2 trillion-plus jobs plan further supported the metal`s appeal as a hedge against inflation. Spot gold rose 0.4% to $1,713.55 per ounce by 0540 GMT, after touching its lowest since March 8 at $1,677.61 on Wednesday. U.S. gold futures were down 0.2% to $1,712.30 per ounce, a Reuters report said.