Gold price has increased by 11% this year in Delhi
The price of gold in India has reached the 7th sky. But it is not seeing any significant impact on Indians. Yes, gold import in the country rose by 40.79 percent to $ 2.68 billion in January. Gold imports have increased, especially due to increasing domestic demand. This information has been received from the data of the Ministry of Commerce. Gold imports in January 2024 a year ago were $ 1.9 billion. Gold imports rose 32 percent to $ 50 billion during April-January in the current financial year, which was $ 37.85 billion in the same period last financial year. The increase in gold imports also indicates the strong trust of investors in the precious metal as a safe asset.
Gold price has increased by 11% this year in Delhi
Other reasons include investment in gold, demand of banks and customs cuts to divert investment due to global uncertainties. So far this year in the national capital Delhi, the price of gold has increased by 11 percent to Rs 88,200 per 10 grams. India’s gold imports increased by 30 percent to $ 45.54 billion in 2023-24. Gold imports affect the country’s current account deficit (CAD). Switzerland is the largest source of gold imports. Its stake is about 40 percent. This is followed by the United Arab Emirates (more than 16 percent) and South Africa (about 10 percent).
Silver imports also increase strong
Precious metal share in the country’s total imports is more than 5 percent. The country’s trade deficit (difference between imports and exports) reached US $ 23 billion in January due to the rise in gold imports. India is the second largest gold consumer in the world after China. Import is mainly for the needs of the jewelery industry. Gems and jewelery exports increased by 15.95 percent to nearly three billion dollars last month. Silver imports in the country jumped 82.84 percent to $ 88.32 million in January.
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