India Gold Import: India is the largest importer of gold and in April-May gold imports increased manifold, but silver imports declined. Due to increase in gold imports, the trade deficit has also increased more than double.
Gold imports have an impact on current account deficit.
India Gold Import: Gold imports in the country increased manifold to $6.91 billion during April-May in the current financial year as compared to the same period last year. The imports had gone down drastically in the same period of the last financial year due to the COVID-19 pandemic and the countrywide strict lockdown. Gold imports have an impact on the current account deficit.
According to the data of the Ministry of Commerce, in the same period of the financial year 2020-21, the import of this valuable metal was $ 791 million. Silver imports declined by 93.7 per cent to $276 million during April-May in the current financial year. Due to increase in gold imports, the trade deficit (the difference between imports and exports) reached $ 21.38 billion in April-May of 2020-21. It was $9.9 billion in the same period a year ago.
India biggest importer
India is the largest importer of gold. Gold is mainly imported to meet the demand of the jewelery industry. Gold imports range from 800 to 900 tonnes annually, depending on the quantity. Gems and jewelery exports grew manifold to $6.34 billion in the first two months of the current fiscal from $1.1 billion in the same period last year.
Gold is trading in range
Gold has been trading in a range for some time now. Last week, gold closed at Rs 46958 level (Gold price today). This week it closed at Rs 46925 level. In this way, its price fell by Rs 28 in a week. At present, the rate of gold is the lowest since April 14.
Gold at two month low
On a weekly basis, a 0.50 percent increase in gold was recorded in the international market. On the last day of the week, it rose by $ 5 to close at $ 1781.70 per ounce. In the international market too, gold is still at the lowest level of two months.
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