Last Updated on 31/07/2024 by wccexam Desk
Today is the last day of July and the month of August is going to start from tomorrow. July 2024 has proved to be great for gold buyers, because since the announcement made about precious metals in the Union Budget 2024 presented on 23 July, the gold-silver price has fallen sharply. Now on the last day of the month i.e. July 31, the gold rate has changed, however, it has increased instead of falling. On the other hand, there has also been an increase in the shine of silver.
Prices decreased continuously after the budget
While presenting the first budget of Modi 3.0, Finance Minister Nirmala Sitharaman announced a reduction in the custom duty on gold and it was reduced from 15% to 6%. After this, the price of gold suddenly started falling and it has been continuing for more than a week. During this period, the price of gold came down from Rs 72,000 to around Rs 68,000.
What is the gold rate on 31 July?
However, on the last day of July (Gold Rate on 31st July), there was a break in the fall in the price of gold and its price on MCX increased by Rs 300. On the last trading day, Tuesday 30th July, it was at Rs 69,178, which reached Rs 69506 on Wednesday. However, compared to mid-July, this gold rate is still very low. Let us tell you that on 17th July, the price of 10 grams of gold was Rs 74,547. That is, gold is still cheaper by Rs 5,041 from this level.
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If we look at the price of gold in the domestic market, then according to the website of IBJA, as of 5 pm on July 31, 2024, the rate of 24 carat gold was Rs 69,310 per 10 grams, the price of 22 carat gold was Rs 67,650 per 10 grams, the price of 20 carat gold was Rs 61,690 per 10 grams and the price of 18 carat gold was Rs 56,140 per 10 grams.
The price of silver has gone down so much
Along with gold, changes have also been seen in the price of silver and it has shone on the last day of the month. The effect of the government’s decision to reduce custom duty was seen in the form of a fall in the silver rate and the price of silver which was Rs 89,203 per kg on July 22, came down to Rs 81,000. However, on July 31, its price also rose by Rs 777 like gold and the price of 1 kg silver reached Rs 83,436.
Keep these things in mind before buying gold
Before buying gold, keep some special things in mind, such as identifying its quality. Let us tell you that mostly 22 carat gold is used to make jewellery, while some people also use 18 carat gold. Hall mark is marked on the jewellery according to the carat. 999 is written on 24 carat gold jewellery, while 958 is written on 23 carat, 916 on 22 carat, 875 on 21 carat and 750 on 18 carat. Talking about prices, the price of gold jewellery across the country keeps changing due to excise duty, state taxes and making charges.