Check gold prices across various cities on May 18, 2023 (Representational Image)
Gold prices in India are generally influenced by various factors, including the global economic situation, inflation rate, etc.
gold price in india on 18 may: Gold prices in India remained above Rs 60,000 in many cities. 10 grams at around 10.30 in the morning 24 carat gold was priced Rs 61,200 (Rs 61,420 yesterday), same amount of 22-karat variety Cost 56,100 (Rs. 56,300 yesterday). Whereas, the price of silver rose Rs 74,500 per kg (Rs 74,600 yesterday). Gold is considered an important part of India because of its cultural significance, investment value and its traditional role in weddings and festivals.
As far as retail prices in different cities are concerned, 22 carat gold was at Rs 56,500 per 10 grams. Chennai, Similarly, the retail price of 24K gold per 10 grams in the capital city of Tamil Nadu is Rs 61,640. Coimbatore There are also similar prices for both the categories of gold.
(Reading: Gold prices rise as investors seek safety amid economic uncertainty,
On the other hand, the western city Ahmedabad The retail price of gold is Rs 56,150 (22 carat). The retail price of 24K gold in the city is Rs 61,250 per 10 grams.
Check Gold Rates in Various Cities on 18 May 2023; (in Rs/10 grams)
| City | 22 carat gold price | 24 carat gold price |
| Delhi | 56,250 | 61,350 |
| Mumbai | 56,100 | 61,200 |
| Kolkata | 56,100 | 61,200 |
| Lucknow | 56,250 | 61,350 |
| Bangalore | 56,150 | 61,250 |
| Jaipur | 56,250 | 61,350 |
| Patna | 56,150 | 61,250 |
| Bhubaneswar | 56,100 | 61,200 |
| Hyderabad | 56,100 | 61,200 |
On May 15, gold futures maturing on June 05, 2023, was trading at Rs 60,071 on the Multi Commodity Exchange. Whereas silver maturing on July 05 was at Rs 72,400.
Meanwhile, India’s gold imports, which have a bearing on the current account deficit, are set to decline by 24.15 per cent to $35 billion in 2022-23 due to global economic uncertainties, according to commerce ministry data.
Imports of the yellow metal in 2021-22 stood at USD 46.2 billion.
However, silver imports increased by 6.12 per cent to $5.29 billion during the last financial year.
However, the sharp drop in gold imports has not helped reduce the country’s trade deficit – the difference between imports and exports. The merchandise trade deficit in 2022-23 was estimated at USD 267 billion as against USD 191 billion in the year-ago period.
India is the largest importer of gold, which mainly meets the demand of the jewelery industry. In terms of quantity, the country imports 800-900 tonnes of gold annually.
Gems and jewelery exports to decline by 3 per cent to around USD 38 billion during 2022-23.
Last year, the Center had increased the import duty on gold from 10.75 per cent to 15 per cent to curb the current account deficit (CAD).
Gold prices in India are generally influenced by a number of factors including global economic conditions, inflation rates, currency fluctuations and local demand and supply dynamics.
