Gold imports, which have a bearing on the current account deficit, zoomed to USD 6.91 billion (Rs 51,438.82 crore) during April-May 2021 due to low base effect in the wake of the COVID-19 pandemic, according to data from the Commerce Ministry. Imports of the yellow metal had plunged to USD 79.14 million (Rs 599 crore) in the corresponding period last year, the data showed. Silver imports, however, dipped by 93.7 per cent to USD 27.56 million. Significant jump in the gold imports has lead to widening of the country s trade deficit, difference between imports and exports, to USD 21.38 billion during April-May this fiscal as against USD 9.91 billion in the year-ago period.
Read more about Gold price today at Rs 46,190 per 10 gm, silver trending at Rs 67,900 a kg on Business Standard. In New Delhi, the price of 22-carat gold was at Rs 46,150 per 10 gm while in Chennai the price declined to Rs 44,400.
Read more about Gold tops $1,900/oz mark as dollar, bond yields dip after US data on Business Standard. US gold futures rose 0.4% to $1,903.90 per ounce.