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In November, gold accounted for 21.2% of India’s total merchandise imports of $70 billion, surpassing crude petroleum as the largest single import item for the first time.Gold imports in November 2024 surged by 331.4% compared to the same month in 2023.

Excluding gold, India’s merchandise imports would have grown by only 6.7%, against the reported 27.04%.

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Imports have also risen as investors seek safer options amid overheated stock markets.

During Diwali, demand for gold coins, especially in 20, 50, and 100-gram sizes, exceeded supply, with premium pricing.

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Dubai does not mine gold; instead, gold from other countries is minimally processed locally to meet CEPA norms and then routed to India.

ai for ev charging station optimization ✌️【365vc.net】✌️Achieve 100% returns in a month. AI-driven predictions make investing easy and profitable. Start today!To manage this surge, India reduced the Most Favoured Nation duties on gold and silver from 15% to 6% in the 2024 Budget.

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