Gold Silver Price Today: There is a continuous rise in the prices of gold and silver. A strong increase was seen even on the day of Akshaya Tritiya. On Akshaya Tritiya, the price of gold rose by Rs 950 to reach Rs 73,200.
Gold Silver Price Today: There is a continuous rise in the prices of gold and silver. A strong increase was seen even on the day of Akshaya Tritiya. On Akshaya Tritiya, the price of gold rose by Rs 950 to reach Rs 73,200. Whereas the price of silver jumped by Rs 2,300 to Rs 85,500 per kg. In the last one year, gold prices have increased by 15-17 percent.
Gold import to increase by 30 percent in 2023-24
According to the data released by the government, due to strong domestic demand, gold import in the country increased by 30 percent to $ 45.54 billion in the financial year 2023-24. In the financial year 2022-23, gold import was worth 35 billion dollars. According to the data released by the Commerce Ministry, the import of precious metal declined by 53.56 percent to 1.53 billion dollars in March this year.
How much gold comes from which country?
Switzerland is the largest source of gold imports, accounting for about 40 percent. After this, the share of United Arab Emirates (UAE) in imports is 16 percent and South Africa’s share is about 10 percent.
Important role of gold in total imports
The share of gold in the country’s total imports has been more than five percent. At present, there is 15 percent import duty on gold. Despite the increase in gold imports, the country’s trade deficit (the difference between imports and exports) decreased to $ 240.18 billion in the last financial year, whereas in 2022-23 this trade deficit was $ 265 billion. After China, India is the second largest consumer of gold in the world. This import mainly meets the demand of the jewelery industry.
