The spot price of gold has risen every day in the current week, rates announced by India Bullion and Jewellers Association (IBJA). According to the rates, the price of 10 grams of gold of the 24-carat variety has risen by as much as 1.54% in a space of 5 days between Friday, September 27 and Monday, September 23, 2024.
According to IBJA data, the price of 10 grams of gold was the following: Rs 75,681 on Friday, September 27; Rs 75,406 on Thursday, September 26; Rs 75,260 on Wednesday, September 25; Rs 74,671 on Tuesday, September 24; Rs 74,533 on Monday, September 23.
Relentlesss march
Even a glance at this data would tell anyone that the price of gold has been rising every day during this week. In fact, it was at even lower levels – Rs 73,705 and 73,202 on September 20 and 19 respectively.
Gold prices have been one of most frequently discussed topics this year since the prices of this precious metal have been marching north aggressively over the past several years. The question on every lip is whether the yellow metal is going to breach the Rs 80,000/10-gram price barrier by the end of 2024.
Even higher for the consumer
It has to be noted that this price is exclusive of GST. Gold attracts a GST of 3%. Therefore, for a customer the price soars to Rs 77,951 for 10 grams of 24 carat gold (Rs 75,681 + 3% GST). From the point of view of the customer, it is only Rs 2,048 away from the psychological level of Rs 80,000 per 10 grams.
Data from the World Gold Council show that as much as 140 tons of gold were imported in the country in August – 3 times the import figure in July.
Finance minister’s intervention
The only break in the incessant march of gold prices came after Finance Minister Nirmala Sitharaman’s slashed import duty on the precious metal from 15% to 6% while presenting the Union budget. Experts are predicting that the prices would come under upward pressure as demand will go up ahead of the festive season that begins next month with Diwali and Dhanteras. The busy marriage season will follow close on its heels in December and January.
The gold rates quoted by different agencies usually do not include GST. If taxes are included, the price of 10 grams of 24-carat gold is not very far off from the Rs 80,000 mark. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
