Gold Rate Update: The rupee’s exchange rate to the US dollar is one of the factors influencing the price of gold and silver in India. Variations in global demand have a large impact on precious metal prices. Just before Rakshabandhan, both gold and silver metal prices decline. These gold prices are current as of right now and were obtained from renowned jewellers around the country. Today’s gold price in India is Rs 5,450 per gram for 22k, and Rs 5,945 per gram for 24k, also known as 999 gold.
GOLD AND SILVER PRICES IN MAJOR CITIES
| CITY | GOLD (per 10 grams, 22 carats) | SILVER (per kg) |
| NEW DELHI | Rs 54,450 | Rs 75,300 |
| MUMBAI | Rs 54,300 | Rs 75,300 |
| KOLKATA | Rs 54,300 | Rs 75,300 |
| CHENNAI | Rs 54,830 | Rs 80,000 |
Gold Rate Update on MCX
The cost of gold has decreased on the Multi Commodity Exchange (MCX). With an expiration date of August 4, 2023, gold futures on the MCX were trading at Rs 58811 per 10 grams, down 0.01 percent. Silver futures with a September 5, 2023, expiration date decline 0.60 percent to Rs 73563 a kg on the MCX. The first thing to keep in mind is that normal gold and gold that has a hallmark cost the same amount of money. There are no additional charges when you obtain a hallmarked gold rate. The price of gold sold remains the same. The only distinction is that when you purchase regular gold, its purity is ensured.
The present import duty on gold
The current import tariff on gold in India is 10%. The government changes the import tariff based on the need to reduce imports from time to time. In March, gold imports surged once more, and there were indications that the Indian government may once again intervene with import duties. It’s impossible to say how true that is. However, in the long run, there is an urgent need to limit gold imports in order to avoid stretching the current account deficit. Given that India is one of the world’s largest consumers of gold, any such limitations likely to have an overall influence on gold consumption.
Gold Rate Update: The magnetic test to check gold purity
In India, there are several techniques to determine the purity of gold. The magnetic approach is one of the common ways to check for gold among them. This is well acknowledged to be far more practical than alternatives like acid. Imagine having to transport acid around for an acid test. The magnet is much simpler since you can put a little portion of it in your pocket with ease. The simplicity of this system is one of its many attractive qualities. The straightforward rationale is that if gold is combined with another metal, it will instantly attract the magnet.
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