Gold Import: Despite the rise in the price of gold, there is an increase in the demand for gold. People are buying gold in large numbers

Gold Import: Despite the rise in the price of gold, there is an increase in the demand for gold. People are buying gold in large numbers. India's gold import has increased almost three times. What is the reason that people are buying so much gold?  

Gold-Silver Rate: Who doesn't like gold? In India, it is not just a precious metal but it has emotional and religious significance. Buying gold on festivals like Diwali and Dhanteras is considered auspicious. Whatever the price of gold, its craze in India will not decrease. No matter how much the price of gold rises, people still buy it. On top of that, the reduction in gold import duty by the government has further boosted the purchase.  

Increasing import of gold  

The price of gold in the country has increased by 4.2% in a month. In a month, gold has become costlier by about Rs 3000 and has reached Rs 74,093 per 10 grams. Despite the increase in price, people have not reduced their purchase of gold. The import of gold in the country is continuously increasing. The government decided to reduce the import duty in the budget. It was expected that the reduction in import tax would reduce the price of gold, but the price of gold has increased much more than it decreased. 

How much is India's gold import 

Due to huge reduction in customs duty and increasing demand for gold during festive season, its price has increased. Due to this, gold imports have more than doubled in August. In August 2024, gold imports have reached a record high of $ 10.06 billion. According to government data released by the Ministry of Commerce, gold imports in August 2023 were $ 4.93 billion, which has increased to $ 10.06 billion in a year. At the same time, gold imports were $ 3.13 billion in July 2024. Let us tell you that the government has reduced the import duty on gold from 15% to 6%. Gold imports have increased since the reduction in tax. From this it is easy to guess how much the demand for gold has increased. Despite gold being expensive, people are buying gold fiercely. 

People are buying a lot of gold  

Due to reduction in import duty, it has become easier to import gold from abroad. Gold is being imported from abroad and is reaching jewelers. It is believed that the demand for gold may increase by about 30% during the festive season. People buy gold in large quantities on Diwali and Dhanteras. It is expected to increase further in the coming days. The price of gold is increasing due to the increase in demand. 

gold price 

• Price of 24 carat gold is Rs 74093/10 gram
• Price of 23 carat gold is Rs 73796/10 gram
• Price of 22 carat gold is Rs 67869/10 gram
• Price of 18 carat gold is Rs 55570/10 gram
• Price of 14 carat gold is Rs 43344/10 gram