Gold prices appear to be surging again. Both the Multi Commodities Exchange (MCX) and the domestic market saw the yellow metal touch Rs 75,000 again. Although gold prices fell sharply after the 2024 budget cut tariffs, gold is now becoming increasingly expensive. On Wednesday, the third trading day of the week, gold prices rose again, rising by around 200 rupees. How much does it cost to buy 10 grams of 24 carat gold in the domestic market?
MCX price increased so much in two days
Gold prices rose again on Wednesday. When gold futures trading ended on October 4 on the commodity market (MCX), gold prices opened at Rs 75,000 and rose sharply to Rs 76,000 per 10 grams during the session. However, it subsequently fell slightly and the price touched Rs 75,200 per 10 grams as compared to the previous closing price of Rs 75,003. If we look at the rise in gold prices in the last two days, on Monday, September 23, the gold price was Rs 74,295 per 10 grams. If we look accordingly, its price has increased by Rs 905 in just two days.
Where is the price of gold in the domestic market?
Post MCX, if we talk about gold prices in the domestic market, there was a strong rise on Wednesday as well. According to the Indian gold and silver jewelers website IBJA.com, as of 5 pm, the price of 10 grams of 24 carat gold (24 carat gold price) has reached Rs 75,250. The price on the last trading day was Rs 74,671. This means its price has increased by Rs 579 in 24 hours. If we look at the prices of different qualities of gold in the domestic market without excise duty and manufacturing charges…
Quality Price (according to IBJA)
24 carat 75,250/10 g
22 carats 73,440/10 g
20 carats 66,970/10g
18 carats 60,950/10g
14 carat 48,540/10g
Why did gold fall after the budget announcement?
Let us tell you that many changes were announced in the Budget of Modi 3.0 and one of them is related to gold and silver. In fact, the government reduced gold customs duty from 15% to 6%, the impact of which was manifested in gold prices falling by about Rs 4,000 on Budget Day and this decline continued for a few days. . Due to the decline, the price of 10 grams of gold has fallen to the level of Rs 67,000.
How to test the purity of gold
Let us tell you that the price of gold jewelery varies across the country due to excise duty, state taxes and manufacturing charges. Let me tell you that most jewelry only uses 22-karat gold, and some people use 18-karat gold. The Hall mark is recorded on jewelry by carat number. 24 carat gold jewelry has 999 written on it, 23 carat gold jewelry has 958 written on it, 22 carat gold jewelry has 916 written on it, 21 carat gold jewelry has 875 written on it, and 18 carat gold jewelry has 750 written on it.
