Inquiries increased regarding the purchase of gold in exchange of two thousand notes

There have been reports of rising prices due to increased demand for gold.

After the Reserve Bank of India’s (RBI) decision to withdraw the Rs 2000 note, inquiries related to the purchase of gold and silver from bullion traders have increased. India has the second largest consumption of gold in the world after China. Bullion traders’ body GJC on Sunday said, unlike the situation seen during demonetisation in 2016, there is no panic buying in gold now. In fact, gold purchases against Rs 2,000 notes have actually been lower in the last two days due to stricter Know Your Customer (KYC) norms.

On the other hand, sources said some jewelers have started charging a premium of 5-10 per cent on gold purchases, keeping the yellow metal at Rs 66,000 per 10 grams. At present, gold in the country is at the level of about Rs 60,200 per 10 grams. Sanyam Mehra, chairman of the All India Gems and Jewelery Domestic Council (GJC), said, “There are a lot of inquiries regarding buying gold or silver with Rs 2,000 notes, so more customers came to the shops on Saturday.” However, due to stricter KYC norms, the actual buying has come down.

There have been reports of rising prices due to increased demand for gold. The price of gold in Mumbai market is around Rs 63,800 per 10 grams including GST. While the price of gold is being recovered at Rs 67,000 per 10 grams on payment in Rs 2,000 notes. Market sources say that after the announcement of the closure of Rs 2,000 note on Friday, the news of recovery of premium on gold started coming, although it is likely to come down in a few days.

Similarly, in Surat’s gold market, there is news of bullion traders charging a premium of 10 per cent on gold for taking payment of Rs 2,000. In Delhi too, there are reports of people buying jewelery from many bullion traders by paying Rs 2,000. Many well-known companies are also doing this. According to the Indian Bullion and Jewelery Association, currently the price of 24 carat gold is Rs 60,248 while the price of 22 carat gold is Rs 58,830. This does not include 3% GST and making charges.

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