Gold And Silver Price Update: There has been a fall in the weekly prices of gold in the Indian bullion market. At the same time, silver has also become cheaper. In this trading week, the price of gold has decreased by Rs 1,365 per 10 grams, while the price of silver has declined by Rs 1,696 per kg.
According to the website of India Bullion and Jewelers Association ie IBJA, at the beginning of this business week (July 4 to 10), the rate of 24 carat gold was 52,218, which has come down to Rs 50,853 per 10 grams by Friday.
At the same time, the price of silver of 999 purity has come down from Rs 58,123 to Rs 56,427 per kg.
The prices released by IBGA give information about the standard price of gold of different purity. All these prices are before tax and making charges. The rates issued by IBGA are universal across the country but the prices do not include GST.
The central government has increased the import duty on gold by five percent. The import duty has been increased from 7.5% to 12.5%. The increase in the import duty of the government will increase the prices of gold in the country. The government has taken this step to reduce the demand for gold in the country.
It is worth noting that Gems and Jewelery exports have increased in 2021-22 and have increased by about 55 percent to $ 39.15 billion as compared to the previous financial year.
Industry body Gems and Jewelery Export Promotion Council (GJEPC) said that the gross export of gems and jewelery stood at $ 25.40 billion in 2020-21.
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