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The country's gold imports in January rose by 40.79 per cent to USD 2.68 billion on account of increasing domestic demands, according to commerce ministry data. Gold imports stood at USD 1.9 billion in January 2024. Cumulatively, imports during April-January this fiscal year rose 32 per cent to USD 50 billion against USD 37.85 billion in the same period last fiscal year. The increase in imports also indicates strong investor confidence in the precious metal as a safe asset. The other reasons include asset diversification towards gold due to global uncertainties, increasing demand from banks, and cut in customs duties. Prices of the yellow metal have increased 11 per cent so far this year to Rs 88,200 per 10 gram in the national capital. India's gold imports, which have a bearing on the country's current account deficit (CAD), surged 30 per cent to USD 45.54 billion in 2023-24. Switzerland is the largest source of gold imports, with about 40 per cent share, followed by the UAE (ov
India's gold jewellery demand is likely to grow steadily at 11 per cent during the current financial year due to strong retail performance last year, according to a report. Within the jewellery retail industry, revenues of organised retailers are likely to grow at a higher pace of 14 per cent, backed by their aggressive store expansion plans and a gradual shift from the unorganised segment towards the organised one, Icra Ratings said in a report. Demand during the current Akshaya Tritiya season is expected to be strong, leading to a healthy demand growth of around 45 per cent Y-o-Y in the first quarter of FY23. Growth for FY23 is expected at 11 per cent for the industry, despite a high base witnessed in FY22, driven by the anticipated steady wedding and festive purchases during the current fiscal, given Indian consumer's strong cultural affinity towards gold," Icra Senior Vice President and Group Head Jayanta Roy said. Interestingly, at the forecasted level, gold jewellery demand in