Gold Demand

Market experts opined that Russia-Ukraine conflict led to a short-term spike in gold prices before it began falling amid stronger dollar and spike in crude oil prices

Gold imports, which have a bearing on the current account deficit, declined 17.38 per cent to about USD 24 billion during April-October due to fall in demand, according to the data of the commerce ministry. Imports of the yellow metal stood at USD 29 billion in the corresponding period of 2021-22. The imports during October this year also contracted by 27.47 per cent to USD 3.7 billion, the data showed. Silver imports during the month too dipped 34.80 per cent to USD 585 million. Cumulatively, the imports, however, jumped to USD 4.8 billion as against USD 1.52 billion during April-October 2021-22. The merchandise trade deficit for April-October 2022 was estimated at USD 173.46 billion as against USD 94.16 billion in the year-ago period. India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonne of gold annually. Gems and jewellery exports rose marginally by 1.81 per cent to USD 24 billion

Falling demand for gold imports could also help to narrow India's trade deficit and support the rupee

Gold prices on Thursday increased by Rs 62 to Rs 49,505 per 10 gram in futures trade as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange, gold contracts for October delivery traded higher by Rs 62 or 0.13 per cent at Rs 49,505 per 10 gram in a business turnover of 7,699 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.49 per cent higher at USD 1,667.50 per ounce in New York.

A sharp fall in purchases by investors pulled global gold demand down 8% in the second quarter compared to the same period in 2021, the World Gold Council said on Thursday.

A kg of silver is trading at Rs 60,300 on Tuesday

Imports were only worth $34.62 billion in the pandemic-hit FY21.

The India trend is contrary to global demand for gold, which went up by 34 per cent YoY to 1,234 tonnes, the highest since Q42018.

Strong demand for gold-based exchange traded funds (ETFs) helped to boost total gold demand to 1,234 tonnes in the first three months of 2022

Spot gold XAU= climbed 1.7% to $1,939.97 per ounce by 0611 GMT, after hitting its best level since January 2021 at $1,948.77

Spot gold was up 0.2% at $1,909.86 per ounce by 0558 GMT, after scaling its highest since June 1 at $1,913.89 per ounce earlier. U.S. gold futures GCv1 gained 0.7% to $1,912.20

Demand for gold is expected to reach pre-Covid-19 pandemic levels in 2022 aided by higher savings, increased mobility and stable price levels, said Chirag Mehta at Quantum Mutual Fund.

The price of gold varies across the country due to excise duty, state taxes, and making charges.

The price of gold varies across the country due to excise duty, state taxes, and making charges.

The price of gold varies across the country due to excise duty, state taxes, and making charges.

The price of gold varies across the country due to excise duty, state taxes, and making charges.

The price of 10 gram of 22-carat gold in Delhi and Mumbai is at Rs 46,750 and Rs 46,510, respectively.

In Delhi, the price of 24-carat gold stands at Rs 51,400, while in Mumbai it is at Rs 48,830, according to the Goodreturns website.

The price of gold varies across the country due to excise duty, state taxes, and making charges.

The price of gold varies across the country due to excise duty, state taxes, and making charges.