On June 2, check the most recent price in your city for 24 karat gold
On Friday, gold prices in India were still over Rs 60,000 in numerous areas. 10 grams of 24-carat gold cost Rs 61,250 (Rs 60,760 yesterday) in Delhi. The same amount of 22-carat gold cost Rs 56,150 (Rs 55,700 yesterday). Silver, on the other hand, was valued at Rs 73,400 per kilo (up from Rs 72,800 yesterday). Due to its cultural importance, financial potential, and customary use in weddings and celebrations, gold is regarded as a significant component in India.
Prices for 10 grams of 24- and 22-carat gold in Bengaluru were Rs 61,150 and Rs 56,050, respectively. 24-carat gold cost Rs 52,285 and 22-carat gold cost Rs 47,927 in Chennai. Gold in Hyderabad cost Rs. 61,100 for 24 carats and Rs. 56,000 for 22 carats. In Mumbai, 10 grams of 22-carat gold were going for Rs 56,000 and 10 grams of 24-carat gold for Rs 61,100.
On June 2, gold futures with an expiration date of August 4, 2023, were trading on the Multi Commodity Exchange for Rs 60,268. Silver, on the other hand, was priced at Rs 72,811 and will mature on July 5.
Global economic circumstances, inflation rates, currency movements, as well as regional demand and supply dynamics, all have an impact on gold prices in India.
In the meanwhile, new government figures show that India’s gold imports, which affect the current account deficit, decreased by 24.15 percent to USD 35 billion in 2022–2023 as a result of global economic uncertainty.
In 2021–2022, imports of the yellow metal were USD 46.2 billion.
However, during the most recent fiscal year, silver imports increased 6.12% to $5.29 billion USD.
The country’s trade imbalance, or the gap between imports and exports, has not decreased despite the considerable drop in gold imports. The merchandise trade imbalance was projected to be USD 267 billion in 2022–2023 compared to USD 191 billion in the preceding year.
