Gold, silver rate today July 24: In a move aimed at making gold investment more lucrative ahead of the festive season, Finance Minister Nirmala Sitharaman announced a sharp cut in import duties on gold, silver, and platinum. The total duty on gold, silver and other precious metals has been slashed to 6% from 15%. Specifically, for platinum, the duty has been adjusted to 6.4% from the existing 15.4%.
Sharp cut in Customs Duty on Gold and silver
Under the revised structure, the 6% duty comprises a Basic Customs Duty (BCD) of 5% and an Agriculture Infrastructure and Development Cess (AIDC) of 1%. Previously, these duties were 10% and 5%, respectively, for gold and silver. For platinum, the BCD has been reduced to 5% and the AIDC to 1.4%, down from 10% and 5.4%.
This significant reduction is expected to lower domestic market prices for these metals. As a result, gold futures dropped by 5.7% to Rs 68,600 per 10 grams, and silver futures fell by 4.7% to approximately Rs 85,000 per kg during Tuesday evening trading on the Multi Commodity Exchange (MCX), despite prices in dollar terms remaining largely stable.
For jewellery, including a 3% Goods and Services Tax (GST), the total tax has been halved from about 18% to 9%. This reduction could potentially stimulate demand for jewellery, especially as India ranks as the world’s second-largest consumer of gold after China. In 2023, Indians purchased 576 tonnes of jewellery and 185 tonnes in the form of bars and coins, according to the World Gold Council.
Market experts predict a further drop in gold prices by Rs 300 – 500 per gram in the near future, which could prompt deferred purchases to enter the market in the coming months.
While consumers stand to benefit, companies are also poised for gains, anticipating increased sales volumes to outweigh price declines. Notably, stocks of listed jewellers such as Titan Company, Kalyan Jewellers India, and Senco Gold saw sharp upmove as a result.
Check Gold and silver rates today
On Wednesday, the average rate for 24-carat gold is Rs 7,071.6 per gram, down by Rs 4,332.0 compared to previous levels. The rate for 22-carat gold stands at Rs 6,477.5 per gram, decreased from Rs 3,970. The silver rate stands at Rs 85,170 per kg, down by Rs 3200.
Gold, Silver rates in Delhi (NCR): The gold prices for 24 carat in Delhi-NCR region is Rs 6895 per gm, up by Rs 34 from yesterday. For 22 carat gold, the gold price is Rs 6320.4 per gm, up by Rs 31.1.
Silver price per gm stands at Rs 85.19, up by Rs 35 from yesterday.
Gold rate in Mumbai: Gold rate for 22 carat gold in Mumbai today is Rs 6331.4 per gram. Yesterday on 23-07-2024, the price of gold was Rs 6,229.3 per gram. For 24 carat gold price, the price in Mumbai stands at Rs 69,070/10 gm, and yesterday’s price stood at Rs 68,720/10 gms.
Silver rate in Mumbai: Silver rate in Mumbai today is Rs 85.34. Yesterday on 23-07-2024, the price of silver was Rs 84.99, and last week, the price on 18-07-2024 was Rs 91,800 per kg.