Gold Imports: India's Top 5 Gold Sources & Billions Imported Amidst Market Volatility

• India's gold market faces fluctuations, with consumers hesitant to buy despite discounts, leading to a slowdown in domestic sales.
• Jewelry manufacturers offer heavy discounts on making charges, but retail customers are wary of high prices; 10 grams rose from Rs 1.33 lakh to Rs 1.54 lakh.
• Domestic traders offer discounts up to $12 per ounce on official prices, including 6% import duty and 3% sales tax, due to increasing stock.
• Switzerland is India's top gold source ($19.6 billion in 2024), followed by UAE ($16.1 billion), and South Africa ($6.35 billion).
• Analysts predict gold prices to rise further, potentially reaching $6,000 per ounce by end of 2026, driven by geopolitical tensions and central bank reserves.