Gold Price In India On May 31: Gold prices in India remained above Rs 60,000 in many cities, but again saw a declining trend. At around 09.30 am, 10 grams of 24-carat gold was priced at Rs 60,490 (yesterday Rs 60,600). The same quantity of 22-carat variety cost Rs 55,450 (yesterday Rs 55,550). On the other hand, silver was priced at Rs 76,800 per kilo (yesterday Rs 72,600). Gold is considered as an important part in India due to cultural significance, investment value, and its traditional role in weddings and festivals.
Retail Gold Price
As far as retail prices in different cities are concerned, western city of Ahmedabad has a retail gold price of Rs 55,500 (22 carat). Rs 60,530 per 10 grams is the retail price of 24 carat gold in the city.
22 carat gold was Rs 55,850/10 grams in Chennai. Similarly, Tamil Nadu’s capital city has Rs 60,920 per 10 grams retail price of 24 carat gold. Coimbatore also has similar prices for both categories of golds.
Check gold rates in different cities on May 31, 2023; (In Rs/10 grams)
| CITY | 22 CARAT GOLD PRICE | 24 CARAT GOLD PRICE |
| Delhi | 55,600 | 60,630 |
| Mumbai | 55,450 | 60,490 |
| Kolkata | 55,450 | 60,490 |
| Lucknow | 55,600 | 60,630 |
| Bengaluru | 55,500 | 60,530 |
| Jaipur | 55,600 | 60,630 |
| Patna | 55,500 | 60,530 |
| Bhubaneshwar | 55,450 | 60,490 |
| Hyderabad | 55,450 | 60,490 |
On May 31, on Multi Commodity Exchange, gold futures maturing on June 05, 2023 were trading at Rs, 59,956. On the other hand, Silver, maturing on July 05, was at Rs 71,011.
Gold prices in India are generally influenced by a variety of factors, including global economic conditions, inflation rates, currency fluctuations, and local demand and supply dynamics.
Meanwhile, according a recent govt data, India’s gold imports, which have a bearing on the current account deficit, dipped 24.15 per cent to USD 35 billion in 2022-23 due to global economic uncertainties.
Imports of the yellow metal stood at USD 46.2 billion in 2021-22.
Silver imports, however, rose 6.12 per cent to USD 5.29 billion during the last fiscal.
The significant fall in gold imports though has not helped in narrowing the country’s trade deficit — the difference between imports and exports. The merchandise trade deficit in 2022-23 was estimated at USD 267 billion against USD 191 billion in the year-ago period.
India is the largest importer of gold, which mainly caters to the demand of the jewellery industry. In volume terms, the country imports 800-900 tonnes of gold annually.
Gems and jewellery exports declined by 3 per cent to about USD 38 billion during 2022-23.
Last year, the Centre hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD).
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