There is a continuous decline in the prices of gold. Gold price has been falling continuously since the government announced a cut in custom duty on gold in the country’s general budget (Union Budget 2024) presented in Parliament last week. Talking about the last one week, gold has become cheaper by about Rs 5,000 in this period itself.
One announcement in the budget and gold crashed
On 23 July 2024, Finance Minister Nirmala Sitharaman made many big announcements while presenting the budget of Modi 3.0 in Parliament, one of which was also related to gold. The government reduced the custom duty on gold from 15 percent to 6 percent and its effect was visible on the price of gold from the day of the budget itself. This trend is continuing. The gold which was trading around Rs 72000 per 10 grams just before the budget, has now reached below 68,000.
Gold rate decreased so much in a week
If we look at the change in gold prices on MCX in a week, on July 22, the gold rate was Rs 72,718 per 10 grams, but by Friday, July 26, it had come down to Rs 67,666. However, after touching this low level during trading in the commodity market, gold closed at Rs 68,160. According to this, its price has come down by about Rs 5,000 in a week.
Gold has fallen so much from its high
After the recent fall in the price of gold, gold has become much cheaper than its all-time high level. It is worth noting that in the month of April this year, the price of gold touched its all-time high level with a rapid rise and its price in the domestic market crossed Rs 74,000 per 10 grams. If we look at the fluctuations in the price of gold on MCX, then after reaching 74 thousand for the first time in April, it reached Rs 74,696 per 10 grams on 20 May 2024. On the other hand, if compared to today’s price, it has weakened by Rs 6,500.
What is the current price in the domestic market
According to the website of Indian Bullion Jewelers Association (IBJA), on July 26, the price of fine gold (999) was Rs 68,130 per 10 grams. At the same time, the price of 22 carat gold reached the level of Rs 66,500 per 10 grams. The price of 20 carat gold was Rs 60,640 per 10 grams, while the price of 18 carat gold was Rs 55,190 per 10 grams. These prices are without 3 percent GST and making charge.
Check the purity of gold like this
Let us tell you that the price of gold jewellery across the country varies due to excise duty, state taxes and making charges. Let us tell you here 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.