The import of gold and silver has decreased in the country. According to the information released by the Ministry of Commerce, the import of both metals has decreased in the month of October.
Image Credit source: Representational Image
The import of gold and silver has decreased in the country. According to the information released by the Ministry of Commerce, the import of both metals has decreased in the month of October. Imports of the yellow metal declined by 17.38 per cent to around $24 billion during April-October. According to the data of the ministry, this has happened due to the decline in demand. The ministry said that the import of gold was $29 billion in the same period last year.
Gold and jewelery exports increased
Silver imports fell by 34.80 percent to $585 million. However, total imports have increased from $ 1.52 billion in April-October 2021-22 to $ 4.8 billion. The merchandise trade deficit for April-October 2022 stands at $173.46 billion. It was $ 94.16 billion in the same period last year. However, exports of gold and jewelery have gone up to $24 billion with a slight increase of 1.81 per cent.
According to industry experts, the demand will start increasing in January 2023. This month the center has increased the base import of gold and silver. Because an increase in prices has been observed in the global market. According to the notification of the government, gold in any form can be taken for 570 per 10 grams. It also states that silver in any form can be taken for Rs 702 per kg.
decline in gold consumption
However, the World Gold Council had estimated that gold consumption in October to December has fallen by about 25 per cent compared to a year ago. Because the demand in rural areas has decreased due to inflation.
On the other hand, if we talk about the last one month, the investors have got a benefit of about 2 thousand rupees per 10 grams from gold. According to statistics, on October 26, the futures market closed at Rs 50,687 per ten grams. While gold has come down to Rs 52,544 per ten grams on the last trading day of the week. During this, the investors have made a profit of Rs 1,857 per ten grams. By the way, gold has remained at flat level in the last one week. In this week, gold had also reached close to Rs 53 thousand. On the other hand, investors have gained Rs 3,500 per kg from silver in the last one month.
Source: www.tv9hindi.com”