Gold Price Today: There is always a craze for gold in India. Its demand increases especially during the wedding season. How high the demand for gold is in the country can be gauged from the fact that India imports gold worth several billion dollars from other countries every year. This year the country has set a record.
Let us tell you, gold import in the country quadrupled in November to reach a record high of US $ 14.86 billion. According to experts, gold import has increased mainly due to demand for festivals and weddings. Talking about today’s gold price, the price of 24 carat gold per 10 grams in Delhi is Rs 79,005.
How much gold came from other countries
According to Commerce Ministry data, gold imports in November 2023 were $3.44 billion. Whereas, during April-November in the current financial year, imports increased by 49 percent to 49 billion dollars. Whereas, in the same period of the last financial year it was 32.93 billion dollars. According to the Commerce Ministry, gold is one of the best performing assets with average annual returns of around 25 per cent till November 2024.
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Actually, many factors work behind more import of gold. For example, gold indicates strong confidence of investors as a safe asset. Apart from this, the shine of gold has also increased due to purchase of gold for asset diversification due to global uncertainties, increasing demand from banks and reduction in customs duty.
Let us tell you, so far this year in the national capital Delhi, gold prices have increased by 23 percent to Rs 78,350 per 10 grams. In fact, in the budget, the government had reduced the duty on gold import from 15 percent to 6 percent.
Where does most gold come from?
India’s gold import increased by 30 percent to $ 45.54 billion in 2023-24. Let us tell you, Switzerland is the biggest source of gold import for India. India imports about 40 percent of its gold from Switzerland. After this, it imports 16 percent from UAE and about 10 percent from South Africa. You will be surprised to know that the share of gold in the country’s total imports is more than five percent. The surge in gold imports pushed the country’s trade deficit, the gap between imports and exports, to a record US $ 37.84 billion in November.
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