Imports of the yellow metal in 2021-22 stood at USD 46.2 billion. (Representative Image/AP)
India’s gold imports to decline by 24.15 per cent to $35 billion in 2022-23.
gold price in india today: On May 08, the price of gold remained above 60 thousand rupees in many cities of India. The price of 10 grams of 24 carat gold was fixed at around 12.30 pm. Rs 61,750 (Rs 61,630 yesterday). The same quantity of 22 carat variety cost Rs 56,600 (yesterday Rs 56,490, While the price of silver was Rs 78,100 (Rs 77,700 yesterday) per kg.
On the Multi Commodity Exchange, gold futures maturing on June 05, 2023 was trading at Rs 60,849. On the other hand, silver maturing on July 05 was at Rs 77,235.
As far as retail prices in different cities are concerned, 22 carat gold was at Rs 57,100 per 10 grams. Chennai, Similarly, the retail price of 24K gold per 10 grams in the capital city of Tamil Nadu is Rs 62,290. Coimbatore There are also similar prices for both the categories of gold.
On the other hand, the western city Ahmedabad The retail price of gold is Rs 56,650 (22 carat). The retail price of 24K gold in the city is Rs 61,800 per 10 grams.
Check Gold Rate in various cities on 08 May 2023; (in Rs/10 grams)
| City | 22 carat gold price | 24 carat gold price |
| Delhi | 56,750 | 61,900 |
| Mumbai | 56,600 | 61,750 |
| Kolkata | 56,600 | 61,750 |
| Lucknow | 56,750 | 61,900 |
| Bangalore | 56,650 | 61,800 |
| Jaipur | 56,750 | 61,900 |
| Patna | 56,650 | 61,800 |
| Bhubaneswar | 56,600 | 61,750 |
| Hyderabad | 56,600 | 61,750 |
Gold prices in India are generally influenced by a number of factors including global economic conditions, inflation rates, currency fluctuations and local demand and supply dynamics.
Meanwhile, India’s gold imports, which have a bearing on the current account deficit, are set to decline by 24.15 per cent to $35 billion in 2022-23 due to global economic uncertainties, according to commerce ministry data.
Imports of the yellow metal in 2021-22 stood at USD 46.2 billion.
During August 2022 to February this year, the rate of growth in imports remained in negative territory. This increased to USD 3.3 billion in March 2023, as against USD 1 billion in the year-ago month.
However, silver imports increased by 6.12 per cent to $5.29 billion during the last financial year.
However, the sharp drop in gold imports has not helped reduce the country’s trade deficit – the difference between imports and exports. The merchandise trade deficit in 2022-23 was estimated at USD 267 billion as against USD 191 billion in the year-ago period.
According to industry experts, high import duty on gold and global economic uncertainties have led to a decline in the import of the precious metal.
“India imported around 600 tonnes of gold during April-January 2023, and this is down due to high import duty. The government should consider the duty portion to help the domestic industry and promote exports.”
India is the largest importer of gold, which mainly meets the demand of the jewelery industry. In terms of quantity, the country imports 800-900 tonnes of gold annually.
Gems and jewelery exports to decline by 3 per cent to around USD 38 billion during 2022-23.
Last year, the Center had increased the import duty on gold from 10.75 per cent to 15 per cent to curb the current account deficit (CAD).
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