New Delhi: Early on Saturday, gold prices dropped by Rs 100, and 10 grams of the 24-carat yellow metal were trading at Rs 52,150. Meanwhile, the cost of silver decreased by Rs 700 to Rs 56,000 per kg.
22-carat gold is now being sold for Rs 47,800 after losing another Rs 100 in price.
The price of 10 grams of 24-carat gold in Mumbai and Kolkata is Rs 52,150, while the price of 10 grams of 22-carat gold is Rs 47,800. 24- and 22-carat gold are currently trading in Delhi for Rs 52,310 and Rs 47,950 per 10 gm, respectively.
24- and 22-carat gold are currently trading in Chennai for Rs 52,600 and Rs 48,220, respectively.
According to government data, India’s imports of gold, which affect the country’s Current Account Deficit (CAD), increased 6.4% to $12.9 billion between April and July of this fiscal year as a result of strong demand.
The imports were $12 billion during the same time period the previous year.
However, according to the most recent data from the commerce ministry, imports of the pricey metal plunged significantly in July 2022 by 43.6% to $2.4 billion.
A record trade deficit of $30 billion, compared to $10.63 billion from April through July of 2021, was caused by an increase in imports of gold and oil during the first four months of this fiscal year.