Gold-Silver Import: People bought gold with bags full, import increased by 26.7 percent to 35.95 billion dollars in nine months
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Gold-Silver Import: The love of the people of India for gold is the highest in the whole world. Due to this, a new record of gold purchase is being created every year. It is now being told that gold import in India has increased by 26.7 percent to $35.95 billion in the first nine months of the current financial year (April-December). Gold imports have an impact on the country’s current account deficit (CAD). According to government data, the reason for increase in imports was better demand. In the same period a year ago, gold import was $28.4 billion. According to data released by the Commerce Ministry, the import of this precious metal increased by 156.5 percent to three billion dollars in December 2023.
From which country does most gold come?
Switzerland is the largest source of gold import to India, from where the share of imports is about 41 percent. This is followed by United Arab Emirates (about 13 percent) and South Africa (about 10 percent). The share of this precious metal in the total imports of the country is more than five percent. At present, there is an import duty of 15 percent on gold. Despite the increase in gold imports, the country’s trade deficit (the difference between imports and exports) declined to $188.02 billion in the first three quarters of this financial year as compared to $212.34 billion in April-December, 2022.
China is the largest consumer after India
After China, India is the second largest consumer of gold in the world. Gold is imported mainly to meet the demand of the jewelery industry. During this period, gems and jewelery exports declined by 16.16 percent to $24.3 billion. According to the Reserve Bank of India data released on December 26 last year, India’s current account deficit sharply reduced to one percent of the gross domestic product (GDP) or $ 8.3 billion in the second quarter of this financial year. The main reason for this is the reduction in merchandise trade deficit and increase in service exports. A current account deficit occurs when the value of imported goods and services and other payments exceeds the value of exports of goods and services and other receipts by a country in a particular period.
What is the price of gold today?
There was a rise in the prices of gold and silver on Tuesday. According to GoodReturns website, the price of 24 carat gold increased by Rs 100 in early trade. After this, the price of ten grams of 24 carat gold became Rs 63,050. At the same time, the price of ten grams of 22 carat gold has increased by Rs 100 to Rs 57,800. The price of ten grams of 24 carat gold in Mumbai is Rs 63,050, equal to the prices of Kolkata and Hyderabad. Whereas, the price of ten grams of 24 carat gold is Rs 63,200 in Delhi, Rs 63,050 in Bengaluru and Rs 63,760 in Chennai. The price of ten grams of 22 carat gold in Mumbai is Rs 57,800, equal to Kolkata and Hyderabad. Whereas, the price of ten grams of 22 carat gold is Rs 57,950 in Delhi, Rs 57,800 in Bengaluru and Rs 58,450 in Chennai. On the other hand, the price of silver has jumped by Rs 200. Today the price of one kilogram of silver is Rs 76,200.
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