On Monday, amidst the turmoil in the stock market, there is a sharp fall in the gold prices. Actually, it is often seen on occasions that when there is an atmosphere of uncertainty in the stock market, the gold prices suddenly rise. But for the last few days, the stock market is also falling and at the same time the pressure on the price of gold is also increasing.
Compared to India, the global stock market (Global Gold Market) is witnessing a sharper decline. Especially the markets of America, Japan, South Korea, Taiwan and China have been shaken. Meanwhile, the price of gold is not recovering even in the global stock market. On Monday evening, gold was trading 1 percent down at Rs 69,565 per 10 grams on MCX Future.
Gold prices fell sharply on Monday evening
If we talk about India, the price of 24 carat 10 grams gold on the website of India Bullion and Jewelers Association (IBJA) was Rs 69117 on Monday evening. Whereas on Monday morning the price of gold was Rs 69,699 per 10 grams. Earlier on Friday, gold closed at Rs 70392. On the other hand, if we talk about 22 carat 10 grams gold, its price was Rs 63311.
That is, the price of gold has become cheaper by Rs 582 in the evening as compared to the morning on Monday, while the price of 10 grams of 24 carat gold has fallen by Rs 1275 on Monday as compared to Friday. On July 18, 2024, the rate of 10 grams of 24 carat gold had reached close to Rs 75,000, from where gold has become cheaper by about Rs 6000 per 10 grams, which is a big relief for the customers.
Silver has become so cheap
Apart from this, a huge drop was also recorded in the price of silver on Monday. The price of silver saw a decrease of Rs 4551 per kg. Currently, the rate of one kilogram of 999 purity silver is Rs 78950. Whereas till the market closed on Friday, the price of silver was Rs 83501 per kg.
It is worth noting that the price of gold has given a great opportunity to the customers waiting to buy jewellery for the wedding season of November-December this year. In the budget last month, the custom duty on gold was reduced from 15 percent to 6 percent. After this, the price of gold started falling, after which people waiting for the jewellery to become cheaper got a chance.
Jewelers have also started trying different tricks including offers to attract customers. Jewelers have started offering 20 to 40 percent discount on the making charges of gold jewellery. The reason for this is the increased inquiries for jewellery from customers, which they are giving these offers to convert into sales. Jewelers are giving these offers to finish their old stock as soon as possible.
Gold smuggling will be stopped!
According to experts, the biggest benefit of reduction in customs duty on gold will be in the form of preventing its smuggling. In recent times, smuggling of gold has increased a lot in the country. People in the industry believe that a huge reduction in duty will help in eliminating illegal imports. Traders believe that about 15 percent of gold in the country reaches the market through smuggling. But now this will be stopped because after the reduction in import duty, there will be no benefit in buying smuggled gold.
Source (PTI) (NDTV) (HINDUSTANTIMES)