Gold Rate Today In India: On August 01, gold prices in India hovered near Rs 68,000 per 10 grams. This rate includes a premium for the highest purity gold, with 24-carat gold priced at Rs 69,830 per 10 grams. For those interested in jewelry, 22-carat gold, which is more durable due to its slight alloy mix, was priced at Rs 64,010 per 10 grams.
Meanwhile, silver’s price stood at Rs 86,600 per kilogram.
Gold rate today in India: Retail gold price on August 2
Check gold rates today in different cities on August 01, 2024; (In Rs/10 grams)
Custom Duty on Gold
The government recently slashed customs duties on various products, including gold and silver.
The basic customs duty (BCD) 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.
India’s reliance on imported gold largely influences domestic prices, which closely mirror global trends. Additionally, the cultural importance of gold in India, particularly during festivals and weddings, can impact demand levels.
Retail Cost of Gold in India
The retail price of gold in India, reflecting the final cost per unit weight for consumers, is influenced by various factors beyond the metal’s intrinsic value.
Gold holds immense cultural importance in India, serving as a major investment and playing a crucial role in traditional weddings and festivals.
Amid ongoing market fluctuations, investors and traders closely monitor these dynamics. Stay tuned for further updates on this evolving story.
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