Gold price in India today, April 30, 2024

CONTENTS:

India’s Gold Market: A Unique Blend of Culture and Economics

India holds the distinction of being the second-largest gold consumer globally, following closely behind China. This highlights the deep cultural significance of gold within the country. The majority of gold utilized in India is sourced through imports or domestic recycling initiatives.

The price of gold in India is not solely dictated by global market fluctuations; it is also significantly influenced by import duties and taxes levied by the government. During periods of economic uncertainty, Indians often turn to gold as a reliable hedge against inflation.

However, other factors, such as interest rates on bonds and the performance of the US dollar, can also impact the domestic price of gold.