Gold Price Falls In India: 24K/100 Grams Gold Slips After Rising By Rs 12,600 In 10-Days

Gold prices in India on Monday witnessed decline after witnessing sharp rally in last 10-days. Meanwhile, US gold rates declined on July 15 as traders are awaiting comments from Federal Reserve and economic data for more clarity on US Interest rate trajectory. 22k gold prices today slipped by Rs 100 to Rs 67,500/10 grams and 100 grams of 22 carat yellow metal prices today slipped by Rs 1000 to Rs 6,75,000 in India on July 15, 2024. 24k gold prices today in India fell by Rs 110 to Rs 73,640/10 grams and 100 grams of 24 carat precious metal prices became cheaper by Rs 1100 to Rs 7,36,400 in the country on July 15.

18k gold prices in India on Monday declined by Rs 80 to Rs 55,230/10 grams and 100 grams of 18 carat yellow metal prices fell by Rs 800 to Rs 5,52,300.

Spot Gold, Spot Silver Prices Today: Spot gold slipped 0.2% at $2,407.29 per ounce, as of 0049 GMT. US gold futures declined 0.4% at $2,411.20. Spot silver dived 0.5% to $30.62 per ounce, platinum fell 0.3% at $995.35 and palladium dropped 1.3 per cent to $956.81, according to Reuters.

Meanwhile, as the upcoming budget's date is coming closer, Mr. Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Limited said, "bullion Industry has a lot of expectations from this budget, as always. A few expectations on duty structure are like Import duty cut in Gold from 15% to 10%, Silver import duty to be at par with Gold under CEPA, stopping import duty benefits from LDC and FTA and a special benefit of 0.5% for importing gold through IIBX."

There are a lot of other expectations also, but only import duty cuts on Gold will impact domestic gold prices. As of January 22, 2024, the import duty on gold in India is 15%, which includes a 10% Basic Customs Duty (BCD) and a 5% Agriculture Infrastructure Development Cess (AIDC). The expectation is to bring down import duty from 15% to 10%, so if this happens, we will see a direct 5% fall in domestic gold prices around budget days. If there is no change in duty structure, then there would be no impact on gold prices, added Prithviraj Kothari.

Silver Prices Today In India: Silver price today in the country registered decline. 1 kg silver prices today declined by Rs 300 to Rs 95,200 and 100 grams of silver prices in India today fell by Rs 30 to Rs 9,520.

22k/10 Grams Gold Price Movement In Last 10-Days In India

Gold prices in India today declined, remained steady on July 14, stayed unchanged on July 13 too, surged by Rs 300 on July 12, jumped again by Rs 200 on July 11, remained steady on July 10, declined by Rs 350 on July 9, fell by by Rs 200 on July 8, remained stable on July 7, and witnessed sharp rise of Rs 650 on July 6.

1kg Silver price India movement in last 10-days

Silver price in India today slipped by Rs 300, remained steady on July 14, stayed steady again on July 13 and 12, surged by Rs 1000, stayed steady on July 10, slipped by Rs 500 on July 9, jumped by Rs 200 on July 8, remained stable on July 7, and jumped sharply by Rs 1600 July 6.

1 Gram of 22k Gold Rate In 5 Major Metropolitan Cities Of India On July 15, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat of gold price Chennai today is Rs 6,785

Yellow Metal Price Mumbai: Price of 1 gram of 22 carat gold in Mumbai on July 15 is Rs 6,750

Precious Metal Price Delhi: Price of 1 gram of 22 carat yellow metal in Delhi on July 15 is Rs 6,765

Gold Price Kolkata: Price of 1 gram of 22 carat of yellow metal in Kolkata on July 15, 2024 is Rs 6,750

Gold Price Kerala: Cost of 1 gram of 22K gold in Kerala on July 15 is Rs 6,750

Yellow Metal Price Bangalore: Price of 1 gram of 22 carat gold in Bangalore on July 15 is Rs 6,750