Gold prices in Chennai continued to slip even on July 25 with 24K/100 grams of gold declining by Rs 6,500. 24K of 10 grams is just Rs 150 away from losing its Rs 70,000 mark. While 10 grams of 18K has erased its Rs 53,000 mark. Further, the cheapest gold of 1 gram is ranging from Rs 5,200 to over Rs 7,000. Gold prices are down since the unexpected cut in custom duty of yellow metal and silver.
Gold Price In Chennai:
24K Gold Prices: 100 grams here is down by Rs 6,500 to Rs 7,01,500, while 10 grams is at Rs 70,150 down by Rs 650. 8 grams is below Rs 520 to Rs 56,120, and that of 1 gram is at Rs 7,015 down by Rs 65.
22K Gold Prices: Here, 100 grams of yellow metal is available at Rs 6,43,000, lower by Rs 6,000. While 10 grams is down by Rs 100 to Rs 64,300, 8 grams is lower by Rs 51,440, and 1 gram at Rs 6,430 lower by Rs 60.
18K Gold Prices: Further, 100 grams of 18K is at Rs 5,26,700, down by Rs 4,900. Also, 10 grams here is at Rs 52,760, erasing its Rs 53,000 and declining by Rs 490 in a single-day. Also, 8 grams is down by Rs 392 to Rs 42,136 and that of 1 gram is lower by Rs 49 to Rs 5,267.
Gold Prices In 10 Days:
Before the drop of Rs 6,500 in 24K of 100 grams on July 25, gold was down by Rs 6,600 on July 24. The same gold was down the most by Rs 29,900 on July 23. Further, 24K/100 grams of gold dropped by Rs 1,200 on July 22. Hence, this week, gold prices have only slipped in Chennai. This comes after gold price was muted on July 21, but was down by Rs 4,300 on July 20, further lower by Rs 3,300 on July 19, and also down by Rs 1,600 on July 18.
24k/100 grams gold was at a fresh all-time high on July 17, with prices surging by a whopping Rs 9,800 before correcting.
Silver Prices In Chennai Today:
1Kg silver plunged by Rs 3,000 in a single-day to Rs 89,000. While 100 grams is at Rs 8,900 down by Rs 300, 10 grams is at Rs 890 lower by Rs 30. Also, 8 grams of silver inched lower by Rs 24 to Rs 712. Lastly, the cheapest silver which is 1 gram is below Rs 90 mark to the tine of Rs 89 down by Rs 3.
Silver Prices In 10 Days:
Prior to the current fall of Rs 3,000 in 1Kg silver, the precious metal was down by Rs 3,500 on July 23. Prices were unchanged on July 22 and July 21.
While silver was down by Rs 1,750 on July 20, further lower by Rs 1,450 on July 19, and also down by Rs 1,300 on July 18. Silver was at all-time high of Rs 96,000 on July 17.
In Budget 2024, Finance Minister Nirmala Sitharaman announced that BCD/AIDC on gold and silver bars is reduced to 5/1% from 10/5%. Hence, total tax rate on gold (inc. 3% GST) will now be 9% vs. 18% earlier. Rate cuts came into effect immediately. Also, the holding period for the classification of gold (asset) held as either short-term or long-term has been reduced from 36 months to 24 months.
Further, the finance minister announced a reduction in customs duty on gold and silver to 6% and platinum to 6.4%. As per HDFC Securities, this will give a boost to jewellery consumptions.
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