: CAIT urges govt to extend compulsory gold 'Hallmarking' by further twoyears #FinanceIndia #StockMarketNEWS CAIT urges govt to extend compulsory gold 'Hallmarking' by further two-years New Delhi,

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CAIT urges govt to extend compulsory gold 'Hallmarking' by further twoyears #FinanceIndia #StockMarketNEWS
CAIT urges govt to extend compulsory gold 'Hallmarking' by further two-years New Delhi, July 24 (KNN) Citing higher prices and low supply due to COVI-19 crisis, the Confederation of All India Traders (CAIT) has urged the Centre to extend the provision for compulsory gold Hallmarking by two years, so that leftover stock can enter the market.

Gold prices on Thursday went upto Rs 51,500 per 10 gram whereas the ruling price of silver ended with Rs 62 thousand per Kg. It is expected that the sale of gold and silver will be on an increasing trend in the long festive season starting from Raksha Bandhan falling on August 3rd.

Allow the jewellers to liquidate their old stocks, the Centre should provide a further extension of 2 years, in the view of Covid-19 disruption, CAIT said in a statement on Thursday.

Earlier, the Centre had made Hallmarking on every gold item compulsory from January 15, 2021.

"The government gave a time of one year to the Jewellers to liquidate their old stock. However, due to Covid-19, trading activities across the country got highly disturbed and virtually there has been no sale since February which deprived the jewellers to liquidate their old stock," the statement added.

The traders body further expected gold prices to touch Rs 55,000 per 10 grams on Diwali.

According to Praveen Khandelwal, Secretary General, CAIT and Pankaj Arora, National Convenor of All India Jewellers and Goldsmith Federation, silver price is expected to be in a range of Rs 72,000 to Rs 75,000 per kilogram.

Gold has always been the best and safest choice of investment for the customers as gold prices generally keep on increasing whereas on the other hand, it is also the most important investment for traders which is quite safe, Arora said.

Arora further said that before the lockdown on March 22, the price of Gold was Rs 41000 / - per 10 grams and that of silver was Rs. 40000 / - per kg and now in a period of just 4 months there is an increase of 28-30 per cent in gold and in silver the increase is of about 45 per cent.