Check Gold and Silver Prices Following Reduction in Custom Duty, What Is Future Outlook

Following the reduction in custom duty on gold and silver in Union Budget-2024, the prices of these precious metals have experienced a drop. The government’s decision to lower the custom duty from 15% to 6% has resulted in gold becoming cheaper by Rs 4,000 and silver by Rs 3,600.

Current Prices

As of today, July 24, the price of gold has decreased by Rs 408 to Rs 69,194 per 10 grams. This follows a substantial drop of Rs 3,600 yesterday i.e, July 23. Meanwhile, silver has seen a modest fall of Rs 22 today, bringing its price to Rs 84,897 per kilogram, following a similar Rs 3,600 decrease yesterday.

Gold Prices Across Major Cities

Delhi: Rs 65,100 for 10 grams of 22-carat gold, Rs 71,010 for 10 grams of 24-carat gold.

Mumbai: Rs 64,950 for 10 grams of 22-carat gold, Rs 70,860 for 10 grams of 24-carat gold.

Kolkata: Rs 64,950 for 10 grams of 22-carat gold, Rs 70,860 for 10 grams of 24-carat gold.

Chennai: Rs 64,900 for 10 grams of 22-carat gold, Rs 70,800 for 10 grams of 24-carat gold.

Bhopal: Rs 65,000 for 10 grams of 22-carat gold, Rs 70,910 for 10 grams of 24-carat gold.

Future Outlook: Rising Demand and Stable Prices

Commodity experts anticipate a significant increase in the demand for gold following the custom duty reduction. While the immediate effect has been a decline in prices, this is viewed as a duty adjustment rather than a long-term trend. Experts predict that gold prices, even if they fall temporarily, will stabilize and recover due to ongoing global tensions and upcoming elections in the United States.

Year-to-Date Price Increases

Despite the recent declines, the price of gold has seen a substantial increase over the year. Starting at Rs 63,352 per 10 grams at the beginning of the year, it has now risen by Rs 5,842 to Rs 69,194. Similarly, silver has increased by Rs 11,502, climbing from Rs 73,395 per kilogram at the start of the year to the current price of Rs 84,897 per kilogram.

The reduction in custom duty on gold and silver has led to a notable decrease in their prices, presenting a buying opportunity for consumers. However, given the expected rise in demand and global economic factors, prices are unlikely to fall significantly in the long term.