Gold Price On May 24 In India: Gold prices in India remained above Rs 60,000 in many cities, along with a rising trend. At around 11 am, 10 grams of 24-carat gold was priced at Rs 61,360 (yesterday Rs 61,100). The same quantity of 22-carat variety cost Rs 56,250 (yesterday Rs 56,000). On the other hand, silver was priced at Rs 74,050 per kilo (yesterday Rs 74,500). Gold is considered as an important part in India due to cultural significance, investment value, and its traditional role in weddings and festivals.
As far as retail prices in different cities are concerned, western city of Ahmedabad has a retail gold price of Rs 56,300 (22 carat). Rs 61,410 per 10 grams is the retail price of 24 carat gold in the city.
22 carat gold was Rs 56,650/10 grams in Chennai. Similarly, Tamil Nadu’s capital city has Rs 61,800 per 10 grams retail price of 24 carat gold. Coimbatore also has similar prices for both categories of golds.
(Read: Gold Prices Rise as Investors Seek Safety Amid Economic Uncertainty)
Check gold rates in different cities on May 24, 2023; (In Rs/10 grams)
On May 24, on Multi Commodity Exchange, gold futures maturing on June 05, 2023 were trading at Rs, 60,260 (yesterday Rs 59,850). On the other hand, Silver, maturing on July 05, was at Rs 72,026 (yesterday Rs, 72,152).
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.
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.
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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