Close Menu
    Facebook X (Twitter) Instagram
    • About Us
    • Contact Us
    • Disclaimer
    • Privacy Policy
    Facebook X (Twitter) Instagram
    FlickonclickFlickonclick
    • Home
    • Entertainment
      • Biography Corner
      • Photos
    • Lifestyle
    • News
      • Finance
      • Fitness
      • Technology
    • Trending
    • Cricket
    • Advertise with Us
    FlickonclickFlickonclick
    Home » News » Physical Gold Sold at a Premium in India Due To Pandemic
    News

    Physical Gold Sold at a Premium in India Due To Pandemic

    By Parth ShuklaJuly 12, 2020
    Facebook Twitter WhatsApp Email Reddit

    For the first time this year, physical gold sold at a premium in India this week even as record-high prices continued to deter buyers. Driven by falling imports, dealers charged premiums of up to $3 an ounce over official domestic prices, up from last week’s $22 discount, Reuters reported. The domestic price includes a 12.5% import tax and 3% GST.



     

    Gold Sold at a Premium in India
    source: The economic times

    India’s gold imports dived 86% year-on-year in June because of record-high prices and international air travel was banned in response to the COVID-19 pandemic. Major unemployment and fall in earnings have impacted in plunging fall of demand in gold.

    “Demand is very weak, but dealers are still charging a premium due to lower imports and as smuggling has nearly stopped,” said Harshad Ajmera, a gold wholesaler in Kolkata.

    ALSO READ: How To Buy Bitcoins In India, As The Ban Is Removed




    This week domestic prices in the futures market rose to a record high of about ₹49,500 per 10 grams. So far this year, gold prices in India are up about 25%, tracking a rally in global rates and rupee’s depreciation against the US dollar. On Friday, gold prices settled at about ₹48,900 per 10 gram on MCX.

    “The unemployment rate has been rising. Don’t think people will have the sentiment to buy more jewelry. Besides, the stock market has been hot in China recently, sucking more money away from gold to stocks,” Samson Li, a Hong Kong-based precious metals analyst at Refinitiv GFMS, said.

    “The belief that the price of gold would soon go beyond the 2011 highs is gaining supporters rapidly,” said Vincent Tie, sales manager at Silver Bullion.

    Gold has been showing a rising tendency, we believe in coming future gold will be sold at a higher premium in India, and by the end of the year gold will as we say’ touching skies’.




    ALSO READ: 5 Ways to Reinvent Your Business After the Lockdown Ends

    Follow Flickonclick on Google News



    China Economy India Pandemic USA
    Previous ArticleKartik Aaryan Rejects Multi-Crore Deal by quitting Oppo Advertising
    Next Article How To Use Dual WhatsApp on One Android Device

    Related Posts

    Don’t Get Too Excited About the Annual FASTag Pass! Know the One-Trip Rule; The Catch Behind 200 Trips for Just Rs 3000!

    June 21, 2025 News

    Will This Country Become the Next Alternative to the USA? Offering Attractive 100% Scholarship Deals

    June 21, 2025 News

    After Tatkal, Railways Makes Big Decision on Waiting Tickets – AC and Sleeper Classes to Have This Many Waiting Seats

    June 21, 2025 News

    16 Billions Passwords Breached! How to Check If Your Password is Leaked or Not

    June 20, 2025 News

    What Is ‘One Nation, One Time’ That the Government Is Set to Implement? Notification Coming Soon

    June 19, 2025 News

    Air India Nowhere in Sight: These Are the World’s Top 10 Safest Airlines

    June 19, 2025 News
    About Flickonclick

    Flickonclick brings you the latest updates across entertainment, lifestyle, tech, and more. Stay informed with trending news and stories that matter.

    Facebook X (Twitter) Instagram
    Recently Updated

    Don’t Get Too Excited About the Annual FASTag Pass! Know the One-Trip Rule; The Catch Behind 200 Trips for Just Rs 3000!

    By Virat VermaJune 21, 2025

    Bigg Boss 19: Makers Approach Munmun Dutta and These 13 Contestants – Know the Names and Premiere Date

    June 21, 2025

    Will This Country Become the Next Alternative to the USA? Offering Attractive 100% Scholarship Deals

    June 21, 2025

    After Tatkal, Railways Makes Big Decision on Waiting Tickets – AC and Sleeper Classes to Have This Many Waiting Seats

    June 21, 2025
    Important Links
    • Privacy Policy
    • Advertise with Us
    • Disclaimer
    • About Us
    • Contact Us
    • Write for Us
    • Home
    © 2025 Flickonclick

    Type above and press Enter to search. Press Esc to cancel.