Gold Import

Aditi Nayar, chief economist at ICRA, said, "While the CAD expectedly widened in Q1FY25, it undershot our forecast primarily due to secondary income."

The government has notified the import of up to 160 tonnes of gold by manufacturers and traders from the UAE at a concessional rate for 2024-25 under the India-UAE free trade agreement, an official said on Tuesday. The agreement, officially dubbed as Comprehensive Economic Partnership Agreement (CEPA) came into force on May 1, 2022. Under the agreement, India agreed to import up to 200 metric tonnes of gold annually from the UAE with a one per cent tariff concession under Tariff Rate Quota (TRQ). Last fiscal, India notified 140 tonnes, and 160 tonnes for 2024-25, the official added. Think tank GTRI in its report in June stated that India's gold imports from UAE rose 147.6 per cent from USD 3 billion in FY23 to USD 7.6 billion in FY24. It has sought a review of the agreement. India's gold imports, which have a bearing on the country's current account deficit (CAD), dipped by 4.23 per cent to USD 12.64 billion during April-July 2024-25 due to global economic uncertainties, according

India's gold imports, which have a bearing on the country's current account deficit (CAD), dipped by 4.23 per cent to USD 12.64 billion during April-July 2024-25 due to global economic uncertainties, according to government data. The imports stood at USD 13.2 billion in April-July 2023. In July alone, the imports declined by 10.65 per cent to USD 3.13 billion as against USD 3.5 billion in the same month last year. The inbound shipments were also in negative during June (-38.66 per cent) and May (-9.76 per cent). In April, the imports jumped to USD 3.11 billion from one billion in April 2023. According to a jeweller, the high prices are discouraging the imports but it will go up from September as festive season will start in India and the import duty cut benefit is also there. The government has slashed the customs duty on gold and silver to 6 per cent from 15 per cent. Gold prices rose Rs 300 to Rs 73,150 per 10 grams in the national capital on August 14 amid a jump in precious m

Gold trading strategy today, July 31: Unless the US Fed is outrightly dovish, Gold is expected to fall in the coming days. Support for MCX October Gold contract is at Rs 67,600/Rs 66,200

India's gold imports, which have a bearing on the country's current account deficit (CAD), increased 26.7 per cent to USD 35.95 billion during the April-December of this fiscal due to healthy demand, according to government data. The imports stood at USD 28.4 billion during the same period a year ago. In December 2023, imports of the precious metal jumped by 156.5 per cent to USD 3 billion, as per the data released by the commerce ministry. Despite the increase in gold imports, the country's trade deficit (difference between imports and exports) narrowed to USD 188.02 billion in the first three-quarters of this fiscal against USD 212.34 billion in April-December 2022. India is the world's second-biggest gold consumer after China. The imports mainly take care of the demand by the jewellery industry. The gems and jewellery exports during the period dipped by 16.16 per cent to USD 24.3 billion. India's current account deficit declined sharply to 1 per cent of the GDP or USD 8.3 bill

"India's customs duty on gold is among the highest globally," said Vipul Shah, chairman of the GJEPC

Switzerland is the world's biggest bullion refining and transit hub, while China and India are the largest consumer markets with local demand sensitive to high prices and time of the season

The government has clarified that import restrictions on certain gold jewellery and articles are not applicable for units in the special economic zones (SEZs). On July 12, the government, through a notification, imposed these restrictions on certain gold jewellery and articles. In a policy circular, the Directorate General of Foreign Trade (DGFT) said it has received representations from SEZs units highlighting issues being faced by them due to these restrictions. Accordingly, it is "clarified" that imports of these products by SEZ units "are outside the purview" of the July 12 notification, the Directorate General of Foreign Trade (DGFT) said. These zones are treated as foreign entities in terms of provisions related to customs.

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During May-March (2022-23), out of 110 MTs TRQ of gold allocated, only 8.1 MT was imported

The remarks came against the backdrop of a substantial quantity of gold seized between April last year and March this year

Gold imports, which have a bearing on the current account deficit, declined 17.38 per cent to about USD 24 billion during April-October due to fall in demand, according to the data of the commerce ministry. Imports of the yellow metal stood at USD 29 billion in the corresponding period of 2021-22. The imports during October this year also contracted by 27.47 per cent to USD 3.7 billion, the data showed. Silver imports during the month too dipped 34.80 per cent to USD 585 million. Cumulatively, the imports, however, jumped to USD 4.8 billion as against USD 1.52 billion during April-October 2021-22. The merchandise trade deficit for April-October 2022 was estimated at USD 173.46 billion as against USD 94.16 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 tonne of gold annually. Gems and jewellery exports rose marginally by 1.81 per cent to USD 24 billion

The country's demat account tally topped the 100 million-mark for the first time, in August. Over 2.2 million new accounts were opened last month

Indian gold imports in May were recorded at 107 tonnes, a rise of 790 per cent year-on-year, and impacting the current account deficit negatively

The country had imported 49 tonnes of gold in June, compared with 17 tonnes a year earlier, the source said on condition of anonymity

Gold domestic futures jumped by about 3 per cent to over Rs 52,000 per 10 gram in initial trading

Last year, the government had cut the tax on gold imports to 7.5% in the Union Budget

Over the past five years, 11 per cent of India's gold supply came from 'old gold'; driven by movements in the gold price

India's gold imports bounced back to 1,067.72 tonnes in 2021 from 430.11 tonnes during 2020 when the demand was hit due to the COVID-19 pandemic, Gem Jewellery Export Promotion Council (GJEPC) said

India's gold imports, which has a bearing on the country's current account deficit (CAD), more than doubled to $38 billion during April-December this fiscal