Ahmedabad has a retail gold worth of Rs 56,350 (22 carat). (Representative picture)
22 carat gold was Rs 56,700/10 grams in Chennai.
Gold Price On May 17 In India: Gold costs in India remained above Rs 60,000 in lots of cities. At round 10.30 am, 10 grams of 24-carat gold was priced at Rs 61,420 (yesterday Rs, 61,910). The identical amount of 22-carat selection value Rs 56,300 (yesterday Rs 56,750). On the opposite hand, silver was priced at Rs 74,600 per kilo (yesterday Rs 75,100). Gold is taken into account as an vital half in India as a consequence of cultural significance, funding worth, and its conventional function in weddings and festivals.
As far as retail costs in numerous cities are involved, 22 carat gold was Rs 56,700/10 grams in Chennai. Similarly, Tamil Nadu’s capital metropolis has Rs 61,850 per 10 grams retail worth of 24 carat gold. Coimbatore additionally has comparable costs for each classes of golds.
(Read: Gold Prices Rise as Investors Seek Safety Amid Economic Uncertainty)
On the opposite hand, western metropolis of Ahmedabad has a retail gold worth of Rs 56,350 (22 carat). Rs 61,470 per 10 grams is the retail worth of 24 carat gold within the metropolis.
Check gold charges in numerous cities on May 17, 2023; (In Rs/10 grams)
| City | 22 Carat Gold Price | 24 Carat Gold Price |
| Delhi | 56,450 | 61,570 |
| Mumbai | 56,300 | 61,420 |
| Kolkata | 56,300 | 61,420 |
| Lucknow | 56,450 | 61,570 |
| Bengaluru | 56,350 | 61,470 |
| Jaipur | 56,450 | 61,570 |
| Patna | 56,350 | 61,470 |
| Bhubaneshwar | 56,300 | 61,420 |
| Hyderabad | 56,300 | 61,420 |
On May 15, on Multi Commodity Exchange, gold futures maturing on June 05, 2023 had been buying and selling at Rs 60,908. On the opposite hand, Silver, maturing on July 05, was at Rs 73,150.
Meanwhile, India’s gold imports, which have a bearing on the present account deficit, dipped 24.15 per cent to USD 35 billion in 2022-23 as a consequence of international financial uncertainties, in line with information from the commerce ministry.
Imports of the yellow steel stood at USD 46.2 billion in 2021-22.
Silver imports, nonetheless, rose 6.12 per cent to USD 5.29 billion over the last fiscal.
The important fall in gold imports although has not helped in narrowing the nation’s commerce deficit — the distinction between imports and exports. The merchandise commerce deficit in 2022-23 was estimated at USD 267 billion in opposition to USD 191 billion within the year-ago interval.
India is the most important importer of gold, which primarily caters to the demand of the jewelry trade. In quantity phrases, the nation imports 800-900 tonnes of gold yearly.
Gems and jewelry exports declined by 3 per cent to about USD 38 billion throughout 2022-23.
Last 12 months, the Centre hiked gold import obligation to fifteen per cent from 10.75 per cent to examine the present account deficit (CAD).
Gold costs in India are usually influenced by quite a lot of components, together with international financial situations, inflation charges, forex fluctuations, and native demand and provide dynamics.
