Gold and silver prices in India on Thursday marginally declined a day after tumbling due to the central government's announcement of a customs duty cut on the yellow metal and silver to six per cent as part of Union Budget 2024.
Gold Prices Today: In the budget 2024-25 on Tuesday, the government slashed customs duties on a range of products, including gold and silver.
Gold and silver prices in India on Thursday marginally declined a day after tumbling due to the central government's announcement of a customs duty cut on the yellow metal and silver to six per cent as part of Union Budget 2024.
The price for 22-carat gold on Thursday, July 24, was at Rs 6,494 per gram, down from July 23's Rs 6,495. The price of 24-carat gold on Thursday was Rs 7,085 per gram, a drop from Wednesday's Rs 7,086.
Gold prices tumbled by Rs 3,350 to Rs 72,300 per 10 grams in the local market in Delhi on Tuesday amid subdued demand by jewellers after the government announced the customs duty cut on the yellow metal and silver to 6 per cent.
Gold rates dropped by Rs 3,350 or 4.6 per cent to Rs 72,300 per 10 grams. On Monday, the precious metal rates had closed at Rs 75,650 per 10 grams.
In addition, gold of 99.5 per cent purity plummeted by Rs 3,350 to Rs 71,950 per 10 grams. It had settled at Rs 75,300 per 10 grams in the previous session.
According to the All India Sarafa Association, silver prices also declined by Rs 3,500 or 4 per cent to Rs 87,500 per kg on Tuesday. In the previous session, it had closed at Rs 91,000 per kg.
For those buying in bulk, the prices are:
8-gram 22-carat gold - Rs 51,952
8-gram 24-carat gold - Rs 56,680
10-gram 22-carat gold - Rs 64,940
10-gram 24-carat gold - Rs 70,850,
100-gram 22-carat gold - Rs 6,49,400,
100-gram 24-carat gold - Rs 7,08,500
Gold prices differ in cities across the country due to differences in demand, influenced by factors such as regional preferences, cultural practices, and economic conditions.
Cities with a higher demand for gold often witness higher prices due to the interplay of supply and demand.
In Delhi, the price for 22-carat gold on July 24 was Rs 6,509 per gram while the price for 24-carat gold was Rs 7,100 per gram.
In Mumbai, Kolkata, Bengaluru, Hyderabad, Kerala, and Pune, the price of 22-carat gold was Rs 6,494 per gram on July 24, and Rs 7,085 per gram for 24-carat gold.
According to a news agency PTI report, traders attributed the decline in gold prices after the government slashed customs duties on a range of products, including gold and silver, to cut input costs, increase value addition, promote export competitiveness and boost domestic manufacturing.
In the budget 2024-25 on Tuesday, the government slashed customs duties on a range of products, including gold and silver.
The basic customs duty on coins of precious metals, gold/silver findings, and gold and silver bars was reduced to 6 per cent from 15 per cent. It was cut to 5.35 per cent from 14.35 per cent for gold and silver dore.