How much of gold can you bring to India when traveling from abroad?

Indians have a strong obsession for gold. People in India love to invest in gold whether it is a special occasion or festival. The demand for gold surges in India sharply during festival and wedding seasons. As a result of high demand for gold, India finds itself as the world's second biggest gold consumer after China. The strong portion of gold imports in India is largely driven by the jewellery industry.

As per reports, the gems and jewellery export has increased by nearly 50% in 2021-22 to USD 39 billion in India. Gold demand is expected to rise 11% for the year 2023. In the year 2020, the demand for gold rose by 2020 in India.

There are several factors that impact the prices of gold in India. These factors are festival season, wedding seasons, inflation, interest rate, government policies, and global factors, among others. The demand for gold plays an important role in deciding the price of gold in India. If demand for gold dips, the price falls too and vice-versa. There is direct relationship between demand and prices of gold.

Higher the demand, higher the price of gold, lower the demand for gold, lower the price. Currently, the price of 24 carat of gold stands at Rs 51,170/10 gram while the price of 22 carat of gold is recorded at Rs 46,880/10 gram. Yesterday, there was a surge of Rs 330 in the prices of gold.

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