Gold price in India at record level, gold imports from 48 countries in FY 2023-24
New Delhi:
Gold prices in India are constantly touching new heights. On Friday, gold rose by Rs 1,100 to Rs 92,150 per 10 grams in Delhi’s bullion market on Friday, which is the highest level ever. Gold prices have increased by 35% in the last one year. In April last year, gold was Rs 68,420 per 10 grams, which has now crossed Rs 92,150. Along with this, silver has also reached Rs 1,300 and reached close to Rs 1,03,000 per kg.
India imported gold from 48 countries in FY 2023-24
Amidst such a boom, the government told in Parliament that India imported gold from 48 countries in FY 2023-24. But due to the import duty and free trade agreements (FTA) on gold, the difference in its prices is also seen.
Where did India buy gold and how much is import duty?
India imposes two types of duty on gold imports. Under the Most Favored Nation (MFN) rate and FTA agreements, under MFN rates, 6% on gold and 5.35% import duty on door gold (unrefined gold) is levied. At the same time, imports from some countries are zero under FTA agreements. No duty is charged on import of gold in the trade agreement between India-ASEAN, Korea, Japan and Malaysia.
Why are gold prices rising?
1. Record boom in global market: In the international market, the prices of gold are continuously increasing. The spot gold reached $ 3,086.08 an ounce, while Comex Gold Futures is at a record level of $ 3,124.40 an ounce.
2. Inflation and economic uncertainty:Due to increasing inflation and economic uncertainty worldwide, investors are purchasing gold as a safe property. Prices are going up further with this.
3. Gold purchases of central banks: The central banks of many countries are increasing gold reserves, due to which its demand in the market is increasing and prices are touching the sky.
Investors have a chance to invest in gold?
There is a tremendous demand for gold for marriage and investment in India. In such a situation, continuous rising prices are a shock for common buyers. But for those who have invested in gold, this can prove to be a profitable deal. Bazar experts believe that if the global economic conditions remain the same, then gold can be more expensive in the coming days.