Gold futures went up around one percent in the international market on Thursday.
At 1320 hours GMT, gold in the international market was trading at $1,751.30 an ounce after gaining $13.90 an ounce in its value as compared to its closing value on Wednesday last. Resultantly, the price of yellow metal in the country went up and the price of 10 grams yellow metal was recorded at Rs85,600 after gaining Rs300. The price of 10 grams gold was recorded at Rs85,300 on Wednesday last. Meanwhile, India, China ramp up gold purchases as the market starts recovering from pandemic pain. The demand for physical gold increased sharply in the spring season in India, China and other Asian countries, where the precious metal’s shine is appreciated the most.
Statistics showed that India, one of the top gold consumers, imported 160 tons of the yellow metal in March, 5.7 times more than in the same month a year ago, when the country was under strict lockdown. Purchases of jewellery were also up in China, 2.6 times year-on-year in February, data showed.
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