Gold imports in November were worth $9.84 billion. Earlier the figure of $14.86 billion had come. The figures improved after investigation. DGCIS released gold import figures after investigation. Let us tell you that the government had reduced the duty in July 2024. Import duty was reduced from 15% to 6%. If we look at the gold import figures in the country, earlier the gold import figure for November 2024 was at $14.86 billion. But now the new figure stands at $9.84 billion.
Latest import figures are correct
Talking about gold import GJEPC ED Sabyasachi Ray Said that the latest import figures are correct. The government is still investigating the figures. Further improvement in the figures is possible after investigation. The demand for gold has not increased as much as the figures show.
He further said that after gold is imported, it is stored in SEZ (Special Economic Zones). Bill of entry is made upon import. Gold comes out of SEZ after demand comes. Demand also enters SEZ. The figures appeared to have increased due to two entries. The government is still examining the figures.
What are the expectations from the budget?
Sabyasachi Ray said that our demand from the government is that the government should maintain the reduced import duty. 2500 more stores are going to be opened in the country next year. Due to reduction in duty, gold is not going into the gray market. Organized sector is going to open 2500 stores. Gold sales have increased in the country due to reduced duty.
12% return possible in gold
Dinesh Somani of ProIntelliTrade Services It says that in the last 25 years, there have been only 2 years when gold has given negative returns. This year also, gold can get returns of 12-13 percent. From the current level, if gold is seen at a level of 77800-77850 then it would be advisable to buy it. Gold can definitely show the level of Rs 78250.
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