INDIA July 11 2014 3:47 PM
MUMBAI (Scrap Register): India's average prices of gold and silver dropped during the fiscal year 2013-14 mainly in tandem with global precious metal market movements, said Minister of State for Finance Nirmala Sitharaman in a written reply to the Lok Sabha.
As per the report, India average price of gold has dropped by 3.2% year-on-year to to Rs 29,190 per 10 gram (gm) during the fiscal year 2013-14. The average gold prices were at Rs. 30,164 per 10 gm in fiscal year 2012-13. The average gold prices in May this year dropped to Rs 28,738 per 10 gm from Rs 29,329 per 10 gm in April.
The average silver prices also declined sharply by 19% to Rs. 46,637 a kilo gram (kg) during fiscal year 2013-14. Silver average prices were at Rs 57,602 a kg in fiscal year 2012-13. Average silver prices in May 14 stood at Rs 42,116 per kg, down from Rs 43,606 per kg in April.