Gold Rate Today In India: On July 26, gold prices in India fell below Rs 70,000 per 10 grams. This rate includes a premium for the highest purity gold, with 24-carat gold priced at Rs 69,940 per 10 grams. For those interested in jewellery, 22-carat gold, which is more durable due to its slight alloy mix, was priced at Rs 64,140 per 10 grams.
The government on Tuesday reduced customs duties on a range of products, including gold and silver.
Also Read: ‘Gold Prices May Rise by Rs 18,000’: Bullion Experts Suggest Buy-Sell Strategy
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.
Meanwhile, on Friday, silver’s price stood at Rs 84,500 per kilogram.
Gold rate today in India: Retail gold price on July 27
Check gold rates today in different cities on July 26, 2024; (In Rs/10 grams)
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.
“Gold prices slipped to 3-week lows and silver prices slipped to 11-week lows despite falling US yields. Precious metals extend its fall after strong US economic data which increased worries that the US Fed could do rate cuts in September month. Gold and silver showed heavy sell-off after Chinese central bank surprisingly cuts its one year lending rate by 20 basis points to 2.30%,” Rahul Kalantri, vice-president (commodities) at Mehta Equities Ltd, said.
He added that the chinese economy is in steep pressure and its Central bank also stops buying gold for its reserves from last three months. Chinese demand concerns hits precious metals hard in the international markets.
“Gold has support at $2358-2340 while resistance at $2400-2418 Silver has support at $27.78-27.55 while resistance is at $28.25-28.48. In INR gold has support at Rs 67,220-66,900, while resistance at Rs 67,790-68.100. Sliver has support at Rs80,850-80,180, while resistance at Rs82,420-83,200,” Kalantri said.
Gold Custom Duty Reduced In India
The significant duty cuts on precious metals will help reduce smuggling, but cost the government an annual revenue loss of over Rs 28,000 crore based on 2023-24 import levels, think tank GTRI said.
In FY24, India imported gold worth USD 45.54 billion and silver worth USD 5.44 billion, while exporting jewellery worth USD 13.23 billion.
In volume terms, India normally imports 800-900 tonnes annually.
In 2022, India has raised its basic import duty on gold to 15 per cent from 10.75 per cent. India is the world’s second-biggest consumer of the precious metal.
India fulfils most of its gold demand through imports and it put pressure on the rupee and current account deficit.
Seizure of smuggled gold rose to a record high of 3,917.52 kg in the January-October period, 2023, in 4,798 cases.
As per government data, 3,502.16 kg of smuggled gold was seized in the country in 2022, and 3,982 smuggling cases were detected.
In 2021, 2,383 kg of smuggled gold was seized and 2,445 cases detected while in 2020, 2,155 kg of smuggled gold was seized and 2,567 cases were detected.
The precious metal accounts for over 5 per cent of the country’s total imports.
Switzerland is the largest source of gold imports, with about 40 per cent share, followed by the UAE (over 16 per cent) and South Africa (about 10 per cent).
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.
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