Key Highlights :
     Gold prices in India remain a highly sought after commodity, with many cities seeing prices above Rs 60,000 per 10 grams for 24-carat gold. On June 4, 2023, the retail price of 22-carat gold in Ahmedabad was Rs 55,350 per 10 grams, while 24-carat gold was priced at Rs 60,380. Silver was priced at Rs 73,000 per kilo.
     Gold has a deep cultural significance in India, and is often used in weddings and festivals. It is also an important investment option and is seen as a hedge against inflation. The gold prices in India are largely influenced by the global economic conditions, inflation rates, currency fluctuations, and local demand and supply dynamics.
     On May 2, 2023, the gold futures maturing on August 05, 2023 were trading at Rs 59,587 on the Multi Commodity Exchange. Silver, maturing on July 05, was at Rs 71,973.
     According to a recent government data, gold imports in India, 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.
     India is the largest importer of gold, and imports around 800-900 tonnes of gold annually. The Centre hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD). Gems and jewellery exports declined by 3 per cent to about USD 38 billion during 2022-23.
     Gold prices in India remain volatile, and it is important to keep track of the latest prices in order to make informed decisions when it comes to investing in gold. It is also important to keep in mind the various factors that influence gold prices, such as global economic conditions, inflation rates, currency fluctuations, and local demand and supply dynamics.