Gold Imports Surge by 26.7% to USD 35.95 Billion in April-December FY24
Ashlin Rajan -
Switzerland emerged as the leading source of gold imports, contributing approximately 41% of the total share, followed by the UAE (around 13%) and South Africa (about 10%). Gold imports constitute over 5% of India's overall imports. Currently, there is a 15% import duty imposed on gold.
Gold: A Timeless Symbol of Wealth and a Resilient Liquid Asset Continues to Shine Bright
Anurima Das -
Furthermore, incorporating gold into an investment portfolio can diversify risk and reduce overall financial vulnerability. Unlike assets such as stocks and bonds, gold prices are not directly influenced by market fluctuations, providing a level of stability during volatile market conditions.
Gold Surges by Rs 250, Silver Witnesses a Rally of Rs 400
Anurima Das -
Breaking a three-day losing streak, spot gold prices (24 carats) in Delhi are currently trading at Rs 63,000 per 10 grams, marking a gain of Rs 250. This surge is attributed to a recovery in overseas markets, as mentioned by Saumil Gandhi, senior analyst of commodities at HDFC Securities.
Steady at Rs 63,150: Gold Prices Show No Significant Change per 10 Grams
Siddhant Kumar -
Saumil Gandhi, a senior analyst of commodities at HDFC Securities, mentioned that spot gold prices (24 carats) in Delhi markets were flat at Rs 63,150/10 grams, maintaining the same level as the previous close.
Gold Dips by Rs 50, Silver Records a Decline of Rs 450 in Latest Market Trends
Anurima Das -
Providing insights, Saumil Gandhi, senior commodities analyst at HDFC Securities, mentioned, "Gold traded slightly lower on Wednesday, with spot gold prices (24 carats) in the Delhi markets trading at Rs 63,150/10 grams, down Rs 50 against the previous close."
Anticipated Gold Price Surge: Expected Move Towards a New High of Rs 70,000
Siddhant Kumar -
The anticipated rise in gold prices is attributed to a weak dollar and a decrease in US treasury yields. The dollar and yields have experienced a decline due to the expectation that the US Federal Reserve will initiate rate cuts as early as March 2024.
Gold expected to move much higher in 2024
The rise in US rates was the factor that prevented any upside for gold or rather limited it for almost one year now despite high global inflation, the report said.