New Delhi: Gold price in India (22 carat) declibed to Rs 67,490 per 10 gram on Tuesday, July 16, 2024. While, the 24 carat gold price stood at Rs 73,630 per 10 gm. On the other hand, the 18 carat gold prices fell to Rs 55,220 per 10 gm. While, the silver price today in India fell by Rs 100 per unit to Rs 95,100 per kg, according to data from Goodreturns.
MCX Gold Rate
On the Multi Commodity Exchange (MCX), gold price today was up 0.02 per cent to Rs 73,488 per 10 grams. While, silver price today fell 0.48 per cent to Rs 92,663 per kg.
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Gold and Silver prices in key cities today
City
22 Carat Gold Price (in Rs/gm)
Silver Prices (in Rs/kg)
Delhi
67640
95100
Mumbai
67490
95100
Bengaluru
67490
95300
Chennai
67840
99600
Kolkata
67490
95100
Pune
67490
95100
Ahmedabad
67540
95100
Hyderabad
67490
99600
Source: Good Returns
Gold Price Fall Reason
Market experts blamed developments in run-up to the US Elections 2024 for the gold price fall reason. Pranav Mer, Vice President, EBG – Commodity & Currency Research at JM Financial Services, said, “Gold and most other commodities are trading in the negative territory, weighed by a stronger US dollar against major currencies amid a rise in political uncertainty in the US over the weekend. However, the downside in the bullion looks limited and we expect some safe-have demand to pick up in the coming sessions.”
There could be one more gold price fall reason going forward from here. In lieu of upcoming Budget 2024 in India, the jewellery industry of the country has put forward a proposal in front of the government to reduce import duty on the precious metal.
Currently, gold’s import duty is 15 per cent. A jewelry association has pitched for gold’s import duty reduction to 10 per cent. Import duty reduction will reduce the prices of the yellow metal in the country. While, Gem and Jewelry Export Promotion Council has proposed gold import duty reduction to as low as four per cent.
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Gold price fall will give impetus to the muted gold demand in the country. According to a report by Economic Times, due to rise in prices of the bullion, gold demand has fallen 15 per cent year on year in April June quarter of financial year 2024-25.
Gold & Silver Price Change in India
1 Week Ago
2024-07-02
1 Month Ago
2023-07-13
1 Year Ago
2023-07-13
Metal
Change (%)
Change (%)
Change (%)
Gold 24 Karat (Rs ₹/10gm)
+1.51
+2.37
+24.27
Silver 999 (Rs ₹/1kg)
-0.28
+3.66
+22.59
Source: www. bullions.co.in
Gold price in India (22 carat) fell by Rs 10 per unit to Rs 67,490 per 10 gram on Tuesday, July 16, 2024. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
