Gold Rate Today In India: On August 11, gold prices in India remained close to Rs 70,000 per 10 grams. The rate for the highest purity, 24-carat gold, was Rs 70,310 per 10 grams. For those considering jewellery, 22-carat gold, known for its added durability due to a slight alloy mix, was priced at Rs 64,450 per 10 grams.
In contrast, the price of silver was Rs 83,100 per kilogram.
Gold rate today in India: Retail gold price on August 11
Check gold rates today in different cities on August 11, 2024; (In Rs/10 grams)
Retail Cost of Gold in India
The retail price of gold in India, which represents the final cost per unit weight for consumers, is shaped by multiple factors beyond its intrinsic value.
Gold is deeply embedded in Indian culture, acting as a key investment and holding significant importance in traditional weddings and festivals.
As market conditions shift, investors and traders closely watch these trends. Stay tuned for more updates on this developing story.
Custom Duty on Gold
Recently, the government reduced customs duties on several products, including gold and silver.
The basic customs duty (BCD) on coins made of precious metals, gold and silver findings, and gold and silver bars, was lowered from 15 percent to 6 percent. For gold and silver dore, the duty was reduced from 14.35 percent to 5.35 percent.
India’s dependence on imported gold significantly affects domestic prices, which closely follow global trends. Furthermore, the cultural significance of gold in India, especially during festivals and weddings, is key in influencing demand levels.
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