Gold Rate: Has gold become cheaper or has the price increased?… The rate of 10 grams of 24 carat gold changed so much in a week

There has been a huge fluctuation in the prices of gold in the last few days. After the government’s announcement of cutting the custom duty on gold in the first general budget (Union Budget 2024) of Modi 3.0, the gold price suddenly started falling rapidly and reached around Rs 67,000 per 10 grams, but in the month of August, the process of increase started again which is continuing till now. If we talk about the last one week, then gold has become expensive in this period, but it is still cheaper than its high.

Gold rate reached here in a week
If we look at the change in gold prices on MCX in a week, then on September 6, the Gold Rate was Rs 71,426 per 10 grams, but on September 13, it increased to Rs 73,510 per 10 grams. According to this, the price of gold has increased by Rs 2084 during this one week. However, it is still cheaper than the high level of the month of July. It is worth noting that before the budget of the Modi government presented on July 23, it was seen trading at Rs 74,644 per 10 grams on July 16, 2024.

What is the current price of gold in the domestic market
Along with the Multi Commodity Exchange, there has been a strong jump in the price of gold in the domestic market as well. According to the website of the Indian Bullion Jewelers Association (IBJA), on September 6, the price of fine gold (999) was Rs 71,931 per 10 grams, but on September 13, its price has jumped to Rs 73,040 per 10 grams. This means that the rate of 24 carat gold has increased by Rs 1109 in a week. If we look at the price of other quality gold in the domestic market…

It is worth noting that this price of gold in the domestic market is without 3% GST and making charges. Making charges vary and due to this, changes can be seen in the price of gold in various cities of the country.

Why did gold fall after the budget?
It is also important to know here that why there was a sudden drop in the price of gold after Finance Minister Nirmala Sitharaman presented the Modi 3.0 budget in Parliament on July 23? So let us tell you that many changes were announced in the budget and one of them was related to Gold-Silver. Actually, the government reduced the custom duty on gold from 15 percent to 6 percent and its effect was seen in the form of a drop of about Rs 4000 in the price of gold on the day of the budget itself and this drop continued for many days.

The price of silver also jumped
Along with gold, the price of another precious metal silver has also jumped sharply. The price of silver on MCX has seen a strong jump in the last one week. If we look at the data, the price of one kilogram of silver was Rs 82,757 on September 6, while on September 13 it reached Rs 89,244. If we look at the calculations, the price of silver has increased by Rs 6,487 during this period. However, this price is still less than Silver All Time High. On July 16, silver was Rs 96,451 per kg on MCX, while in the domestic market also silver had crossed Rs 94,000.

Check the purity of gold like this
Let us tell you that the price of gold jewellery across the country varies due to excise duty, state taxes and making charges. Let us tell you here that mostly 22 carat gold is used to make jewellery, while some people also use 18 carat gold. Hall mark is marked on the jewellery 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.