After the gold, silver imports now move lower

The New Year's opening months in the gold and silver market have been in great flux. The new year began with optimism. In recent years, however, the picture of fatal virus outbreaks in China has changed. After the trade war between China and the United States in the last year of the 5th, optimism took place in the world markets by negotiating trade agreements between these two great nations at the end of the 5th. In China, Lunar is celebrating New Year in February and before the commencement of this year, the spread of the deadly virus has increased, while demand for precious metals and diamonds has been hit. A significant jump in prices has also appeared.

China's killer virus has had an impact on China's economy. In addition, the global economy has fallen. And due to the uncertainty in such an environment globally, the safe haven demand for safe havens in gold has increased and investment prices have risen. Gold prices in the world market have risen to $ 1 a ounce. According to jewelery market analysts, gold imports in the country have fallen by around 3-5 per cent in January, according to jewelery market data.

In terms of import value of gold, it was about $ 1.8 to $ 8 billion in January last year, down from about $ 1.8 to $ 8 billion in January this year. The official import of gold in January this year is the lowest monthly imports of the last four months. The world market is booming.

Meanwhile, in the country, gold and silver imports are also projected to beat back. In addition to the demand for jewelry manufacturers in silver and various other products, there is also industrial demand. With the recent rise in gold prices in the world market, silver prices have also risen to $ 5 per ounce and domestic imports have also fallen. India's import tariffs like gold have been rising and official imports have dropped. However, as gold is a significant import of smugglers, imports do not specialize in silver because the silver is not conducive to smuggling, the informants said.

According to the market estimates, domestic imports of silver in the quarter ended December 1 stood at 5 tonnes. Such a large decline in imports has been observed after many years, sources said. During this period, imports of silver have fallen by around 3-5%. Gold imports are also showing a decline in February. Meanwhile, silver imports in the country have increased by about 1 to 3 tonnes annually, which has dropped to about 5 tonnes in the entire year of decline.

Even in the current year, silver is being shown in the market for fear of a slowdown in imports. Meanwhile, according to the Washington-based Silver Institute in the United States globally, global silver prices rose by about 2 percent and Outlook was positive for prices in the current year. This year, the global silver price will rise from about $ 5 to $ 8 a barrel, and the price will fall to the top of five years, according to the Silver Institute.