There was a huge decline in gold prices last month and with the beginning of August, there was a rise in it again. But it is still running much below the price before the Budget (Union Budget 2024). On July 18, 2024, the rate of 10 grams of 24 carat gold had reached close to Rs 75,000, but after the announcement of reduction in custom duty on Gold-Silver, it fell drastically and if we talk about the present, the price of gold is around Rs 70,000. The pass is made.
Price still below Rs 70000!
However, after a sharp fall in the last week of July, gold prices have seen a rise again in the beginning of August. Talking about the latest rate, the gold rate on Multi Commodity Exchange (MCX) for the expiry of October 4, 2024 was at Rs 69,792. That means its price is still much lower than the price prevailing before the budget. On July 18, future gold on MCX was at a high level of Rs 74,638 per 10 grams and currently it is cheaper by Rs 4,846.
Gold is being sold at this price in the domestic market
If we look at the prices of gold in the domestic market, according to the Indian Bullion Jewelers Association (IBJA), the prices of gold in different qualities on August 2, the last trading day of last week, were as follows…
gold (quality) Price as on 02 August (without GST and making charge)
24 carat gold Rs 70,390/10 grams
22 carat gold Rs 68,700/10 grams
20 carat gold Rs 62,265/10 grams
18 carat gold Rs 57,020/10 grams
Why did the price of gold decrease after the budget?
Talking about the sudden decline in gold prices after Budget 2024, Finance Minister Nirmala Sitharaman had announced a big reduction in the custom duty on gold. Earlier, Gold Custom Duty was 15%, which was reduced to 6% by the government. Due to this, the price of gold started falling from the day of the budget and on July 25, it reached around Rs 67,000 on MCX.
Which gold is used more in jewellery?
While buying gold, it is important to identify its quality. Let us tell you that mostly only 22 carat gold is used for making jewellery, while some people also use 18 carat gold. Hall mark is recorded on the jewelery according to the carat. 999 is written on 24 carat gold jewellery, while 958 is written on 23 carat, 916 on 22 carat, 875 on 21 carat and 750 on 18 carat. Talking about prices, the price of gold jewelery varies across the country due to excise duty, state taxes and making charges.