India  

Gold sales at peak after demonetisation of Rs 2,000 note

Costumers buying gold and silver with Rs 2,000 note
Advertisement

India: Recently, the Reserve Bank of India has announced to withdraw 2000 rupee note from circulation followed by which everyone is trying to exchange or deposit the money. It has been informed that the exchange or deposit can be done before September 30 which is the deadline. Meanwhile, jewellery like silver and gold are getting a hike in the business. As per reports, there has been atleast 10% to 20% more sales in the jewelry market as of Saturday which is on 20 May. The decision to withdraw 2000 rupee note was taken on 19 May.

India is the world’s second largest gold consuming country after China. Jewellers from across the country are receiving queries regarding purchases of metals like gold and silver by paying Rs 2,000 note. However, it is nothing like the time when demonetisation was done in 2016 says Jewellers body GJC. In 2016, the then used 500 note and 1000 rupee note were banned for use overnight. Which created a similar but more bigger situation at that time. There is not much panic this time.

See also 19 parties boycott new Parliament inauguration, say grave insult to President

Advertisement

Jewellers charging extra money

Although, there is high demand for buying gold and silver at a time like this, the actual gold purchase has been less in exchange of Rs 2,000 notes due to strict no your customer KYC norms. As per officials, some Jewellers are charging extra 5 to 10 percent premium when brought with Rs 2,000 notes. This has taken the price of gold at Rs 66,000 per 10 gram. Whereas, in the country the gold prices have corrected around Rs 60,200 per 10 grams as of today. Check gold and silver price in your state.

Gold and silver rate today

As of 22 May, the price of 24 carat gold for one gram, 8 gram and 100 gram is Rs 6,142, Rs 49,136 and Rs ₹61,420, respectively. These prices are same as that of on 21 May, as the price has not changed. The price of 22 carat gold for 1 gram is ₹5,630 while, 8 gram costs ₹45,040 and 10 gram for ₹56,300. As of silver, 1 gram is for rupees 75.30 and 8 grams of silver is for rupees 602.40 and 10 grams of silver is for rupees 753, while 1 kg of silver is priced at rupees is 75,300.

Advertisement