A perpetual ascent characterizes the trajectory of gold and silver prices, with a pronounced surge observed notably on the auspicious occasion of Akshaya Tritiya. On this auspicious day, the value of gold ascended by Rs 950, reaching the pinnacle of Rs 73,200, while silver witnessed a notable leap of Rs 2,300, soaring to Rs 85,500 per kilogram. Over the past year, gold prices have ascended by a notable margin of 15-17 percent. As per government data, spurred by robust domestic demand, gold imports surged by 30 percent to $45.54 billion during the fiscal year 2023-24, compared to $35 billion in the preceding fiscal year of 2022-23. Conversely, data from the Commerce Ministry indicates a stark decline of 53.56 percent in precious metal imports, totaling $1.53 billion in March of the current year. Notably, Switzerland emerges as the principal source of gold imports, accounting for approximately 40 percent, followed by the United Arab Emirates (UAE) at 16 percent and South Africa at approximately 10 percent. Gold holds a significant sway in the nation’s overall imports, constituting more than five percent. Presently, a 15 percent import duty is levied on gold. Despite the surge in gold imports, the country’s trade deficit narrowed to $240.18 billion in the last fiscal year, compared to $265 billion in 2022-23. India, second only to China, stands as the world’s second-largest consumer of gold, primarily driven by the demands of the jewelry industry.
