Skip to main content

Gold imports jump 331 percent

New Delhi, Gold imports in November have increased by an unprecedented 331 percent.
 
Gold imports jump 331 percent
Gold market

According to the Union Commerce Ministry statistics,


The demand for gold increased in November due to festivals and weddings. Accordingly, gold imports increased to Rs 1.25 lakh crore.

Reasons

25% profit received so far this year on gold investment

High investment in gold due to international uncertainty

Import duty reduced from 15 to 6%.

This is an unprecedented monthly import. In November last year, gold worth Rs 29,000 crore was imported, and now it has been imported four times more.

From April to November of the current financial year, gold imports increased by 49 percent to Rs 4.10 lakh crore. This was Rs 2.76 lakh crore in the same period of the previous financial year.

India's merchandise exports fell by 5% last month


New Delhi, India's merchandise exports fell by 4.85% to Rs 2.71 lakh crore in November, the Union Commerce Ministry said. Gold imports in November increased to an all-time high of Rs 1.25 lakh crore. During the April-November period of this year, exports grew by 2.17% to Rs 24.02 lakh crore; exports grew by 8.35% to Rs 41.13 lakh crore.

  • Trade November 2023-2024

  • Exports

  • 2.85-2.71

  • Imports

  • 4.65-5.91

  • Deficit

  • 1.80-3.20

  • (in lakh crores of rupees)
Tags:

Comments

Post a Comment

Like this 22k jewelers blog?

Popular posts from this blog

What are the retirement expectations of Indian youth?

A majority of the Indian youth want to retire early and are expecting a large pension, a study has revealed.    Retirement plan Retirement preferences of Indian youth In a survey conducted by Grant Thornton Bharat among various stakeholders across India to find out about retirement planning, more than 55 percent of the participants said that they expect a pension of more than Rs 1 lakh per month during retirement. However, it has also been revealed that the savings they have made are not enough to compensate for this. This study reveals that there is a huge gap between pension preferences and retirement planning.  Most of the participants in the study said that they want to retire before the age of 45 to 55. However, they rely on traditional means such as provident fund, national pension scheme, and gratuity for retirement planning. More than 76 percent of the participants in the study said that they have not invested in annuity plans. The study emphasizes ...
Post a Comment
Read more

What is the new rule of bank locker agreement

The bank locker facility helps in keeping gold jewelry, money, important documents, etc. safe. Those who use the locker service must sign a renewed agreement.    Bank locker How to avoid the risk of bank locker service being suspended? Those who have not yet signed the renewed agreement should do so immediately, banks are reminding them. If the renewed agreement is not signed, there is a risk of the locker service being suspended. Let's see the important aspects related to locker agreement renewal.   Locker Agreement: The Reserve Bank of India ordered in 2021 that a new rental agreement should be obtained from the beneficiaries using locker services. The Reserve Bank took this step considering customer complaints, technical aspects, and Supreme Court guidelines. Extension of deadline: The objective of the locker renewal agreement is to improve transparency and security regarding the operation of the locker service. The deadline for this was extended twic...
Post a Comment
Read more

No tax on gold, gold prices plummet

New Delhi, Aug. 13-Gold prices fell by nearly two percent in the international market yesterday after US President Trump announced that there would be no tax on gold. Gold price gold price fall reasons The US Customs Department issued a statement last week that the tax would also apply to gold bars . Following this, prices rose sharply. The price of one ounce of gold, i.e. about 28.35 grams, reached a new high of Rs 3 lakh. White House sources said at the time that the tax would be applicable and that an official clarification would be made soon. Following this, Trump announced on his Truth Social social networking site the day before yesterday that 'there will be no tax on gold '. This announcement allayed investors' fears regarding price hike, leading to high selling of gold. Following this, the price of one ounce of gold fell below Rs 2.90 lakh. The international market situation was also reflected in India. In the last 2 days in Chennai, the price of 22-ka...
Post a Comment
Read more