Gold Price Today In India: On May 11, gold prices in India remained above Rs 60,000 in many cities. At around 11 am, 10 grams of 24-carat gold was priced at Rs 62,130 (same price yesterday). The same quantity of 22-carat variety cost Rs 56,950 (same price yesterday). On the other hand, silver was priced at Rs 77,600 (yesterday Rs 78,000) per kilo.
As far as retail prices in different cities are concerned, 22 carat gold was Rs 57,370/10 grams in Chennai (yesterday Rs 57,420). Similarly, Tamil Nadu’s capital city has Rs 62,590 (yesterday Rs 62,640) per 10 grams retail price of 24 carat gold. Coimbatore also has similar prices for both categories of golds.
(Read: Gold Prices Rise as Investors Seek Safety Amid Economic Uncertainty)
On the other hand, western city of Ahmedabad has a retail gold price of Rs 57,000 (22 carat). Rs 62,180 per 10 grams is the retail price of 24 carat gold in the city.
Check May 10 gold prices here
Check gold rates in different cities on May 11, 2023; (In Rs/10 grams)
On Multi Commodity Exchange, at around 11 am, gold futures maturing on June 05, 2023 were trading at Rs 61,253 (yesterday Rs 61,249). On the other hand, Silver, maturing on July 05, was at Rs 76,540 (yesterday Rs 77,285).
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, 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, according to data from the commerce ministry.
Imports of the yellow metal stood at USD 46.2 billion in 2021-22.
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.
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 tonnes of gold annually.
Gems and jewellery exports declined by 3 per cent to about USD 38 billion during 2022-23.
Last year, the Centre hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD).
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