Gold prices in India Remain Above Rs 60,000 on May 29
Gold prices in India remained steady above Rs 60,000 on May 29, with a declining trend. The price of 10 grams of 24 carat gold was Rs.60,600, while the 22 carat variety in the same quantity was priced at Rs 55,550. The price of silver was Rs 73 thousand per kg. Gold is an important part of India because of its cultural significance, investment value, and traditional role in weddings and festivals.
Retail Gold Price in Various Cities
As far as retail prices in various cities are concerned, the retail gold price in Ahmedabad is Rs 55,600 (22 carat), while the retail price of 24K gold in the city is Rs 60,650 per 10 grams. In Chennai, 22 carat gold was priced at Rs 55,900 per 10 grams, and the retail price of 24K gold per 10 grams in the capital city of Tamil Nadu is Rs 60,980. In other cities such as Coimbatore, both categories of gold rates are similar.
Check Gold Rates in Various Cities on 29 May 2023; (in Rs/10 grams)
The following table provides the gold rates in various cities in India on May 29, 2023:
CITY 22 CARAT GOLD PRICE 24 CARAT GOLD PRICE
Delhi 55,700 60,750
Mumbai 55,550 60,600
Kolkata 55,550 60,600
Lucknow 55,700 60,750
Bengaluru 55,600 60,650
Jaipur 55,700 60,750
Patna 55,600 60,650
Bhubaneshwar 55,550 60,600
Hyderabad 55,550 60,600
Factors Influencing Gold Prices in India
Gold prices in India are generally influenced by various factors, including global economic conditions, inflation rates, currency fluctuations, and local demand and supply dynamics. Additionally, India’s gold imports, which have a bearing on the current account deficit, dipped 24.15% 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. However, silver imports rose 6.12% to USD 5.29 billion during the last fiscal.
India’s Trade Deficit
The significant fall in gold imports 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. 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% to about USD 38 billion during 2022-23. Last year, the Centre hiked gold import duty to 15% from 10.75% to check the current account deficit (CAD).
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Sorted points by DelhiBreakings.com team.
👉 Gold prices in India remained above Rs 60,000 with a declining trend.
👉 Price of 10 grams of 24 carat gold was Rs.60,600.
👉 Price of 22 carat variety in the same quantity is Rs 55,550.
👉 Price of silver was Rs 73 thousand per kg.
👉 Retail gold price in Ahmedabad is Rs 55,600 (22 carat).
👉 Retail price of 24K gold in Ahmedabad is Rs 60,650 per 10 grams.
👉 22 carat gold was priced at Rs 55,900 per 10 grams in Chennai.
👉 Retail price of 24K gold per 10 grams in Chennai is Rs 60,980.
👉 Check Gold Rates in Various Cities on 29 May 2023.
👉 Gold futures maturing on June 05, 2023 were trading at Rs, 59,381.
👉 Silver, maturing on July 05, was at Rs 71,270.
👉 Gold prices in India are influenced by various factors.
👉 India’s gold imports dipped 24.15 per cent to USD 35 billion in 2022-23.
👉 Silver imports rose 6.12 per cent to USD 5.29 billion during the last fiscal.
👉 The significant fall in gold imports has not helped in narrowing the country’s trade deficit.
👉 India imports 800-900 tonnes of gold annually.
👉 Gems and jewellery exports declined by 3 per cent to about USD 38 billion during 2022-23.
👉 Centre hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit.
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