Gold Price in India on May 29: Gold prices in India remained above Rs 60,000 in many cities with a declining trend. At around 10.30 am, the price of 10 grams of 24 carat gold was Rs.60,600. The price of the 22 carat variety in the same quantity is Rs 55,550. Whereas the price of silver was Rs 73 thousand per kg. Gold is considered an important part of India because of its cultural significance, investment value and its traditional role in weddings and festivals.
Retail gold price
As far as retail prices in various cities are concerned, the retail gold price in the western city of Ahmedabad is Rs 55,600 (22 carat). The retail price of 24K gold in the city is Rs 60,650 per 10 grams.
22 carat gold was priced at Rs 55,900 per 10 grams in Chennai. Similarly, the retail price of 24K gold per 10 grams in the capital city of Tamil Nadu is Rs 60,980. In Coimbatore also both the categories of gold rates are similar.
Check Gold Rates in Various Cities on 29 May 2023; (in Rs/10 grams)
| CITY | 22 CARAT GOLD PRICE | 24 CARAT GOLD PRICE |
| Delhi | 55,700 | 60,750 |
| Mumbai | 55,550 | 60,600 |
| Kolkata | 55,550 | 60,600 |
| Lucknow | 55,700 | 60,750 |
| Bengaluru | 55,600 | 60,650 |
| Jaipur | 55,700 | 60,750 |
| Patna | 55,600 | 60,650 |
| Bhubaneshwar | 55,550 | 60,600 |
| Hyderabad | 55,550 | 60,600 |
On May 29, on Multi Commodity Exchange, gold futures maturing on June 05, 2023 were trading at Rs, 59,381. On the other hand, Silver, maturing on July 05, was at Rs 71,270.
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, 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, according to data from the commerce ministry.
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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