Gold Import Decreased By 3.3 Percent In Current Financial Year

Gold import decreased by 3.3 percent in the current financial year, between April 2020 to February 2021, imports amounted to $ 26.11 billion.

Gold imports declined by 3.3 percent to $ 26.11 billion in the first 11 months (April-February) of the current financial year 2020-21. Gold imports stood at $ 27 billion in the same period last fiscal.

This information has been provided by the data released by the Ministry of Commerce. Gold imports have a major impact on the country’s current account deficit.

According to the data, the reduction in gold imports has helped in reducing the country’s trade deficit.

In the first 11 months of the current financial year, the trade deficit stood at $ 84.62 billion, compared to $ 151.37 billion a year ago.

However, gold imports rose to $ 5.3 billion in February from $ 2.36 billion a year earlier. India is the world’s largest importer of gold.

Gold is mainly imported to meet the demand of the jewelery industry. India imports 800 to 900 tonnes of gold annually by volume.

In order to give a boost to jewelery exports, the government has reduced the import duty on gold to 7.5 percent in the budget. However, 2.5 percent Agriculture Infra and Development Cess has been imposed on it.

Gems and jewelery exports fell by 33.86 percent to $ 22.40 billion in the first 11 months of the current financial year. During April-February, silver imports also fell by 70.3 percent to $ 78.07 million.

Gold Price Today: Gold futures break, silver falls sharply, know what are the prices

Both gold and silver precious metals futures prices fell on Monday morning. On the MCX exchange on April 5, 2021 futures gold price fell by 0.24 percent, or Rs 106, on Monday morning to trade at Rs 44,915 per 10 grams.

Apart from this, the futures price of gold on June 4, 2021, was seen trading at Rs 45,245 per 10 gram, falling by 0.17 percent or 79 rupees at this time.

Meanwhile, the global market also saw a decline in both spot and futures prices on Monday morning.

At the same time, the domestic futures price of silver witnessed a tremendous decline on Monday morning. MCX on Monday morning on May 5, 2021 futures silver price fell by 1.68 percent or Rs 1136 to trade at Rs 66,391 per kg.

Apart from this, both the futures and spot prices of silver also fell in the international market on Monday morning.