Gold imports have declined by more than 4 percent in April-July. During this period, imports in the country stood at $ 12.64 billion. During the same period last year it was $13.2 billion.
New Delhi. Gold consumption in the country has been declining since April and the figures till July are disappointing. Looking at these figures, it is clear that due to high prices, people have currently distanced themselves from this yellow metal. It is estimated that the demand for gold will increase from next month, which is likely to lead to further rise in prices. The government has released the figures and given information about how much gold came into the country from April to July.
According to government data, India’s gold imports declined by 4.23 percent to $12.64 billion during April-July in the current financial year (2024-25) due to global economic uncertainties. Gold imports affect the country’s current account deficit (CAD). It was $13.2 billion in the same period last year.
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Disillusionment happened in July
The biggest impact was seen in the month of July, when imports fell by 10.65 percent to $3.13 billion, as against $3.5 billion in the same month last year. Imports also declined during June (-38.66 percent) and May (-9.76 percent). However, imports increased to $3.11 billion in April, up from $1 billion in the same period last year.
Prices will increase further from next month
According to a jeweler, high prices are discouraging imports, but it will pick up from September as the festive season will begin in India and the benefit of reduction in import duty will also be available. The government has reduced the customs duty on gold and silver from 15 percent to six percent, due to which gold prices saw a fall of Rs 6 thousand. However, prices may rise once again if the demand increases.
There was a boom in the global market
The price of gold in the national capital rose by Rs 300 to Rs 73,150 per 10 grams on August 14 amid a surge in the prices of precious metals in the international markets. India’s gold imports rose 30 per cent to $45.54 billion in the financial year 2023-24. Switzerland is the largest source of gold imports, accounting for about 40 per cent, followed by the United Arab Emirates (over 16 per cent) and South Africa (about 10 per cent). The precious metal accounts for more than five per cent of the country’s total imports.
Tags: Business news, Gold, gold investment, gold price
FIRST PUBLISHED : August 15, 2024, 14:57 IST
