Gold Price Hikes - India
 |
| Gold price hike |
Gold imports into the country decreased by more than 90 percent in March 2024 compared to March last year. In March 2024, 0.74 tons were imported. In March 2023, imports were 7.3 tons. Crude imports are the lowest in 24 months. Local traders say that the reason is the huge increase in the prices of paddy.
As crude prices hit record highs, banks are cutting imports of the metal, an English news agency quoted a government official and two bank dealers as saying. If the import of paddy decreases.. it will help to reduce our trade deficit.
The rupee exchange rate may also get support. If imports from India, the world's second-largest consumer of gold, decline sharply, the rally in prices is likely to be limited.
Gold prices rose after the Fed Reserve signaled that it may cut key rates three times this year.