Gold price by Investorocean.com
Gold Import In India
Even after having one of the most elaborate market for Gold, India still does not produce a huge amount of gold and thus does not contribute in meeting the growing demand of gold across the country. India is the second largest importer of gold in the world and the reserve Bank of India controls the flow of gold inside the country.
Import of gold in India requires special license issued by the Directorate General of Foreign Trade. Even for the licensed authorities they need to provide the report of the imported gold, regarding its utilisation along with related proofs to the Central Excise Office. The physical gold thus imported by the licensed authority can only be in the form of gold bars; coins and medals are strictly prohibited.
A person who has been residing the in foreign soil is permitted to import and carry jewellery of up to Rs. 10000, which is doubled in case of a female NRI. When the value of gold is beyond the prescribed free limit then a custom fee of Rs. 250 for each extra 10 gram of gold is applicable, however the maximum limit for such a person to carry gold along with them shall not exceed 10kg in total.
Factors that Influence Gold Rate / Factors Affecting the Gold Rate
The affinity for Gold for Indians is impenetrable and has been tested repeatedly, but the metal has proved its mettle over time. However, the price of gold is not consistent throughout and has had its share of difficulties. There are several factors, which affect the prices of gold in Indian gold market, such as:
The Central Gold Reserve
The central reserve i.e. the Government, when starts to hold or procure gold in their reserve, the price of the gold goes up because of increased cash flow.
Gold Volatility
Market volatility in terms of recession or inflation affect the price of Gold. Gold is one investment, which is not effected by inflation as a result when inflation hits, because of the liquidity factor the metal its price goes up.
Gold Interest Rate
An increased interest rate in the market encourages investors to acquire more cash by selling off gold, as such the amount of gold in the market increases and with increase in supply, the rate of gold can drop.
Global Gold Market
As a crisis commodity, Gold is a favoured acquisition for import by the government and market around the globe. More imports from global entities of Gold makes way for increased rate and vice versa.
Monsoon
As unlikeable as it may sound, the price of gold may very well be affected by a good monsoon – and that is because 60% of all consumption of the yellow metal is accounted by the rural sector, which primarily is dependent on a good monsoon for better crops. A decreased monsoon will tend to have excess gold in the market on lesser rate as rural India tends to sell them.
Domestic Gold Demand
India is primarily in love with the metal, for any occasion such as marriage, and festivals the demand of gold goes up and hence results in increased rates.As unlikeable as it may sound, the price of gold may very well be affected by a good monsoon – and that is because 60% of all consumption of the yellow metal is accounted by the rural sector, which primarily is dependent on a good monsoon for better crops. A decreased monsoon will tend to have excess gold in the market on lesser rate as rural India tends to sell them.
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