Check gold prices in India on 31st May.
Gold Prices in India: The retail price of gold in Ahmedabad is Rs.55,500 (22K).
gold price in india on 31 may: Gold prices in India remained above Rs 60,000 in many cities, but then saw a declining trend. 10 grams in the morning around 09.30 24 carat gold was priced Rs 60,490 (Rs 60,600 yesterday). Price of 22 carat variety in the same quantity Rs 55,450 (Rs 55,550 yesterday). Whereas, the price of silver rose Rs 76,800 per kg (Rs 72,600 yesterday). Gold is considered an important part of India because of its cultural significance, investment value and its traditional role in weddings and festivals.
retail gold price
As far as retail prices in various cities are concerned, the western cities of Ahmedabad retail gold price of Rs 55,500 (22 carats). Rs 60,530 This is the retail price of 24 karat gold per 10 grams in the city.
was 22 carat gold Rs 55,850/ in 10 grams Chennai, Similarly, the capital city of Tamil Nadu is Rs 60,920 Retail price of 24 karat gold per 10 grams. Coimbatore There are also similar prices for both the categories of gold.
Check Gold Rate in Various Cities on 31st May 2023; (in Rs/10 grams)
| City | 22 carat gold price | 24 carat gold price |
| Delhi | 55,600 | 60,630 |
| Mumbai | 55,450 | 60,490 |
| Kolkata | 55,450 | 60,490 |
| Lucknow | 55,600 | 60,630 |
| Bangalore | 55,500 | 60,530 |
| Jaipur | 55,600 | 60,630 |
| Patna | 55,500 | 60,530 |
| Bhubaneswar | 55,450 | 60,490 |
| Hyderabad | 55,450 | 60,490 |
on 31 may Multi Commodity ExchangeGold futures maturing on June 05, 2023 was trading at Rs, 59,956, Whereas Silver was maturing on July 05. 71,011 Rs.
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.
Meanwhile, India’s gold imports, which have a bearing on the current account deficit, fell 24.15 per cent to USD 35 billion in 2022-23 due to global economic uncertainties, according to recent government 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 a 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).
