Gold prices in India: Gold is considered as an important part in India due to cultural significance, investment value, and its traditional role.
Gold Price In India On June 2: Gold prices in India on Friday remained above Rs 60,000 in many cities. In Delhi, 10 grams of 24-carat gold was priced at Rs 61,250 (yesterday Rs 60,760). The same quantity of 22-carat variety cost Rs 56,150 (yesterday Rs 55,700). On the other hand, silver was priced at Rs 73,400 per kilo (yesterday Rs 72,800). Gold is considered as an important part in India due to cultural significance, investment value, and its traditional role in weddings and festivals.
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In Bengaluru, prices for 24-carat and 22-carat gold were Rs 61,150 and Rs 56,050 per 10 grams. In Chennai, 24-carat gold was Rs 52,285 and 22-carat gold was Rs 47,927. In Hyderabad, gold of 24 carats was priced at Rs 61,100 and 22 carats was priced at Rs 56,000. In Mumbai, 24-carat gold was selling at Rs 61,100 and 22-carat at Rs 56,000 per 10 grams.
On June 2, on the Multi Commodity Exchange, gold futures maturing on August 04, 2023, were trading at Rs 60,268. On the other hand, silver, maturing on July 5, was at Rs 72,811.
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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, according to a recent govt 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.
Imports of the yellow metal stood at USD 46.2 billion in 2021-22.
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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.
