The month of July is over and August (August 2024) has started from today. The last month was great for gold buyers. In fact, on 23 July 2024, in the first budget of Modi 3.0, the Finance Minister announced a reduction in the custom duty on gold and silver, due to which the price of both the precious metals fell sharply and since then gold has become very cheap. However, if we talk about August 1, then there is a jump in the Gold Rate.
Gold became expensive on August 1
After a sharp fall in gold prices, its prices were seen gaining momentum in the early days of August. On Thursday, gold opened on the green mark in the commodity market. On the Multi Commodity Exchange (MCX), gold for the expiry of October 2024 opened at Rs 69,994 per 10 grams, jumping from the previous close and within a few minutes of trading it crossed Rs 70,000. On Thursday evening, it was trading at Rs 69325. Along with gold, the price of another precious metal silver has also increased and on MCX it rose by Rs 445 to Rs 84,041 per kg.
How much did the price of gold fall in July
If we look at the fall in gold prices in the month of July, it has been surprising. Actually, on July 1, 2024, the price of gold was at the level of 71,969 and by July 5, its price reached the level of Rs 73,444 per 10 grams. The momentum in the gold price continued and on July 18, 2024, the price of 10 grams of gold reached a high level of Rs 74638. After this, the budget day came and the price of the yellow metal started falling.
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On the day of the budget on July 23, the price of gold suddenly fell by Rs 4,000 and it reached below Rs 70,000. On this day, its price on MCX reached Rs 69,027. This decline increased further the next day, after which the price of gold fell to the level of Rs 67,872 per 10 grams on July 25. In this way, after the government’s announcement of reducing the custom duty, the gold rate had come down by Rs 6766 as compared to July 18.
If we look at the prices in the domestic market, according to the Indian Bullion Jewelers Association (IBJA)…
| Gold (quality) | August 1 (7 PM) |
| 24 Carat Gold | 69,721/10 grams |
| 23 Carat Gold | 69,442/10 grams |
| 22 Carat Gold | 63,864/10 grams |
| 18 karat gold | 52,291/10 grams |
It is worth noting that Finance Minister Nirmala Sitharaman had announced a reduction in customs duty on gold and it was reduced from 15% to 6%.
Which gold is used more in jewelry
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.
Source (PTI) (NDTV) (HINDUSTANTIMES)