Nirmala Sitharaman presented the first budget of Modi 3.0 on July 23, in which the duty on gold was reduced from 15 percent to 6 percent. After this there was a sharp decline in the price of gold. On the day of the budget itself, gold had become cheaper by Rs 4000 per 10 grams and even after this the gold rate had continuously decreased. Along with gold, the rate of silver also decreased.
Although an increase in the prices of gold and silver has been seen in the last few days, still gold is still below its all-time high level. Today gold is trading at Rs 659 per 10 grams on MCX. Whereas silver became costlier by Rs 1468 per kg on Friday. It is believed that such a huge increase in gold and silver prices on Friday i.e. 2nd August is due to the fall in the American and Indian stock markets.
Gold and silver prices on MCX today
Here gold has become costlier by Rs 659 for October 4 futures and has reached Rs 70613 per 10 grams. Whereas there has been a big jump in the price of silver. Silver for September 5 futures has risen by Rs 1437 to Rs 84031 per kg. During the day’s trading, silver also touched the level of Rs 84157 per kg on MCX.
Gold became so cheap in 6 days
The price of gold on MCX was Rs 73216 per 10 grams on July 22, but now it has become Rs 70620 per 10 grams. That means it is still cheaper by Rs 2,600 per 10 grams during 6 trading days. Talking about silver, on July 22, silver was Rs 89203 per kg, which is now Rs 83968 per kg. In such a situation, silver is cheaper by Rs 5,235 per kg in 6 trading days.
bullion market gold and silver prices
According to India Bullion and Jewelers Association, today the rate of 24 carat gold is ₹ 70475 per ten grams. If we talk about Thursday, gold had closed at Rs 69721. A slight increase in the price of silver has also been seen today (Friday). An increase of Rs 78 has been seen in the rate of silver today. The rate of one kilogram of silver of 999 purity is Rs 83542. Till the market closed on Monday, the rate of silver was 83464. Whereas, if we talk about 22 carat 10 grams gold, its price is Rs 64555. Similarly, the prices of gold and silver have increased today on the basis of purity.