Gold Prices in India Remain Above Rs 60,000 on May 31
Gold prices in India have seen a declining trend on May 31, but have remained above Rs 60,000 in many cities. At around 09.30 am, 10 grams of 24-carat gold was priced at Rs 60,490, while the same quantity of 22-carat variety cost Rs 55,450. Meanwhile, silver was priced at Rs 76,800 per kilo. Gold is considered an important part of Indian culture due to its significance in investment value and traditional role in weddings and festivals.
Retail Gold Price
The western city of Ahmedabad has a retail gold price of Rs 55,500 (22 carat), while the retail price of 24 carat gold is Rs 60,530 per 10 grams. In Chennai, 22-carat gold was priced at Rs 55,850 per 10 grams, while the retail price of 24 carat gold in Tamil Nadu’s capital city was Rs 60,920 per 10 grams. Coimbatore also has similar prices for both categories of gold.
Check Gold Rates in Different Cities on May 31, 2023
The table below shows the gold rates in different cities in India on May 31, 2023:
CITY 22 CARAT GOLD PRICE 24 CARAT GOLD PRICE
Delhi 55,600 60,630
Mumbai 55,450 60,490
Kolkata 55,450 60,490
Lucknow 55,600 60,630
Bengaluru 55,500 60,530
Jaipur 55,600 60,630
Patna 55,500 60,530
Bhubaneshwar 55,450 60,490
Hyderabad 55,450 60,490
Factors Affecting Gold Prices in India
Gold prices in India are influenced by global economic conditions, inflation rates, currency fluctuations, and local demand and supply dynamics.
Gold and Silver Imports in India
According to recent government data, 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, from USD 46.2 billion in 2021-22. Meanwhile, silver imports rose 6.12 per cent to USD 5.29 billion during the last fiscal year. 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.
Trade Deficit in India
The significant fall in gold imports has not helped in narrowing the country’s trade deficit, which was estimated at USD 267 billion in 2022-23 against USD 191 billion in the year-ago period. Gems and jewellery exports, which declined by 3 per cent to about USD 38 billion during the year, have been affected by the hike in gold import duty to 15 per cent from 10.75 per cent by the Centre to check the current account deficit.
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