World Gold Council estimate: Gold in the country is higher than the world at Rs. 3,794 Expensive… However sales will increase due to high demand

Gold is expensive in India compared to the rest of the world. 67,700 in the international market. 24 carat gold in the country against an average price per 10 grams of Rs. is 71,494. That means gold averages Rs. 3,794 is being sold at a higher price. However, the demand for gold is increasing. According to the World Gold Council, India will consume around 850 tonnes of gold this year. Which is 13.33% more than last year. World Gold Council's market strategist John Reed said that the heavy monsoon in India will increase the demand for gold. According to Ajay Srivastava, founder of the Global Trade Research Initiative, the import duty on gold in the country should be 5%. Anuj Gupta, Head of Commodities and Currencies, HDFC Securities, believes that this duty reduction should be only 3-4%. The average price of gold in G-7 countries like US, UK, Germany and France is Rs 67,700 (about 6% less than India). Import duty higher, but gold prices higher as demand rises 1. Import duty on gold remains high in the country despite reduction. The government has brought it down to 6%, but the world average is 4%. 2. Now about one-third of gold consumption is in investment. Gold has returned 13% so far this year. 3. Industrial consumption of gold is increasing in some sectors like healthcare. This is creating additional demand for gold, where price is not a concern. 4. Interest rates are expected to come down in America this month or next month.

Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).