Gold Price Today In India: On May 08, the gold prices in India remained above Rs 60,000 in many cities. At around 12.30 pm, 10 grams of 24-carat gold was priced at Rs 61,750 (yesterday Rs 61,630). The same quantity of 22-carat variety cost Rs 56,600 (yesterday it was Rs 56,490. On the other hand, silver was priced at Rs 78,100 (yesterday Rs 77,700) per kilo.
On Multi Commodity Exchange, gold futures maturing on June 05, 2023 were 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 Rs 57,100/10 grams in Chennai. Similarly, Tamil Nadu’s capital city has Rs 62,290 per 10 grams retail price of 24 carat gold. Coimbatore also has similar prices for both categories of golds.
On the other hand, western city of Ahmedabad has a retail gold price of Rs 56,650 (22 carat). Rs 61,800 per 10 grams is the retail price of 24 carat gold in the city.
Check gold rates in different cities on May 08, 2023; (In Rs/10 grams)
Gold prices in India are generally influenced by a variety 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, dipped 24.15 per cent to USD 35 billion in 2022-23 due to global economic uncertainties, according to data from the commerce ministry.
Imports of the yellow metal stood at USD 46.2 billion in 2021-22.
The growth rate in the imports was in the negative zone during August 2022 to February this year. It jumped to USD 3.3 billion in March 2023 as against USD 1 billion in the year-ago month, the data showed.
Silver imports, however, rose 6.12 per cent to USD 5.29 billion during the last fiscal.
The significant fall in gold imports though has not helped in narrowing the country’s trade deficit — the difference between imports and exports. The merchandise trade deficit in 2022-23 was estimated at USD 267 billion 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 the dip in imports of the precious metal.
“India imported about 600 tonnes of gold during April-January 2023, and it is down because of high import duty. The government should take a view on the duty part to help the domestic industry and push exports,” an expert told PTI.
India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonnes of gold annually.
Gems and jewellery exports declined by 3 per cent to about USD 38 billion during 2022-23.
Last year, the Centre hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD).
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