A sharp fall in gold prices is being seen amid the earthquake in the stock market on Monday. In fact, it is often seen on occasions that when there is an atmosphere of uncertainty in the stock market, the prices of gold suddenly increase. But for the last few days, the stock market is also falling and at the same time the pressure on the price of gold is also increasing.
A sharper decline is being seen in the Global Gold Market as compared to India. Especially there has been an earthquake in the markets of America, Japan, South Korea, Taiwan and China. Meanwhile, the price of gold is not stable even in the global stock market. On Monday evening, gold was trading 1 percent lower at Rs 69,565 per 10 grams on MCX futures.
Heavy fall in gold prices on Monday evening
If we talk about India, the price of 24 carat 10 gram gold on the website of India Bullion and Jewelers Association (IBJA) on Monday evening was Rs 69117. Whereas on Monday morning the price of gold was Rs 69,699 per 10 grams. Earlier on Friday, gold had closed at Rs 70392. Whereas, if we talk about 22 carat 10 grams gold, its price was Rs 63311.
That is, the price of gold has become cheaper by Rs 582 in the evening compared to the morning on Monday, whereas the price of 10 grams of 24 carat gold has fallen by Rs 1275 on Monday as compared to Friday. On July 18, 2024, the rate of 10 grams of 24 carat gold had reached close to Rs 75,000, from where gold has become cheaper by about Rs 6000 per 10 grams, which is a big relief for the customers.
silver has become so cheap
Apart from this, a huge fall in the price of silver was also recorded on Monday. A decrease of Rs 4551 per kg was seen in the rate of silver. At present the rate of one kilogram silver of 999 purity is Rs 78950. Whereas till the market closed on Friday, the price of silver was Rs 83501 per kg.
It is noteworthy that due to cheapness of gold, the customers waiting to buy jewelery for the wedding season of November-December this year have got a great opportunity. Last month itself, in the budget, the custom duty on gold was reduced from 15 percent to 6 percent. After this, a decline in gold prices started, after which people who were waiting for jewelery to become cheaper got a chance.
At the same time, jewelers have also started trying different tricks to attract customers, including offers. Jewelers have started offering 20 to 40 percent discount on the making charges of gold jewellery. The reason for this is the increased inquiries for jewelery from customers, which they are giving these offers to convert into sales. Jewelers are giving these offers to clear their old stock as soon as possible.
Gold smuggling will stop!
According to experts, the biggest benefit from the reduction in customs duty on gold will come in the form of stopping its smuggling. In recent times, smuggling of gold had increased significantly in the country. Industry people believe that the huge reduction in duty will help in eliminating illegal imports. Traders believe that about 15 percent of the gold in the country reaches the market through smuggling. But now this will be stopped because after the reduction in import duty, there will be no benefit in buying smuggled gold.