Gold Rate Today In India: The gold prices in India continue to remain volatile amid global cues with the 24-carat rates falling by Rs 440 on Wednesday, August 7. The price of 24-carat gold stood at Rs 69,270 per 10 grams. The spot price of 22-carat fell to Rs 63,500 per 10 grams.
“The dollar index exhibited significant volatility and recovered from eight-month lows amid profit-taking in the Japanese Yen, which kept precious metal prices lower while investors seek fresh cues that could indicate whether the United States will enter a recession,” Rahul Kalantri, vice-president (commodities) of Mehta Equities, said.
He, however, added that rising tensions in the Middle East are providing support to gold prices at lower levels.
Silver prices also declined by Rs 500 to Rs 82,000 per kg.
Gold Price in Mumbai on August 7
24k gold prices in Mumbai stood at Rs 69,270 per 10 grams, while the 22k gold was at Rs 63,500 per 10 gm.
Gold Price in Delhi on August 7
Gold of 24-carat purity was available in Delhi at Rs 69,420 per 10 grams, while 22-carat gold was at Rs 63,650 per 10 grams.
Gold rate today in India: Retail gold price on August 07
Check gold rates today in different cities on August 07, 2024; (In Rs/10 grams)
In the futures market, gold was trading marginally down by 0.01 per cent at 68,958 on the MCX in the morning trade, while silver was up at Rs 79,735.
“Silver prices recovered from their lows due to a rebound in industrial metals following better-than-expected German factory orders data,” Kalantri said.
Retail Cost of Gold in India
The retail price of gold in India, reflecting the final cost per unit weight for consumers, is influenced by various factors beyond the metal’s intrinsic value.
Gold holds immense cultural importance in India, serving as a major investment and playing a crucial role in traditional weddings and festivals.
Amid ongoing market fluctuations, investors and traders closely monitor these dynamics. Stay tuned for further updates on this evolving story.
Custom Duty on Gold
The government recently slashed customs duties on various products, including gold and silver.
The basic customs duty (BCD) on coins of precious metals, gold/silver findings, and gold and silver bars was reduced to 6 per cent from 15 per cent. It was cut to 5.35 per cent from 14.35 per cent for gold and silver dore.
India’s reliance on imported gold largely influences domestic prices, which closely mirror global trends. Additionally, the cultural importance of gold in India, particularly during festivals and weddings, can impact demand levels.
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