Gold Prices Drop Again In India, July 25: 22k/100 Grams Yellow Metal Price Falls By Rs 9,500

Gold price in India today witnessed sharp drop yet again after remaining steady on July 24, 2024. Gold prices in the country have been declining sharply ever since Finance Minister Nirmala Sitharaman announced a cut in customs duty on gold and silver to 6%. The move by the FM was expected to bring down the yellow metal prices which have been hovering to record high level and prevented customers from buying the yellow metal. Meanwhile, 22K gold price today in India fell by Rs 950 to Rs 64,000/10 grams and 100 grams of 22 carat yellow metal prices slipped by Rs 9,500 to Rs 6,40,000. 22K precious metal prices witnessed a steep fall of 1.48%, in terms of percentage. 22k gold prices declined by huge Rs 3800 from July 22, 2024 to July 25, 2024.

24K gold prices today in India stood at Rs 69,820/10 grams after sharp drop of Rs 1040 and 100 grams of 24 carat yellow metal prices declined by Rs 10,400 to Rs 6,98,200. 18k gold prices today dived by Rs 770 to Rs 52,370/10 grams and 100 grams of 18 carat yellow metal prices today dropped by Rs 7700 to Rs 5,23,700.

It is worth mentioning here that for jewellery, the total tax stood at approximately 18% that includes the 3% GST. Now it has been brought down to 9% and it would give a big boost to demand of jewellery in the country. India finds itself at second spot in terms of largest consumer of gold after neighbouring China. As per latest data of World Gold Council (WGC), Indians bought 576 tonnes of jewellery and 185 tonnes in the form of bars and coins in calendar year 2023. Also, the FM announced the step of customs duty cut at a time when the country is approaching the festive season.

Spot Gold, Spot Silver Prices Today: Spot gold was up 0.3% at $2,416.62 per ounce, as of 0402 GMT. U.S. gold futures rallied 0.4% to $2,417.10. Spot gold surged 16% so far this year after hitting a record high of $2,483.60 on July 17 with strong market confidence that the U.S. Federal Reserve would slash interest rates in September. Spot silver is currently at $29 an ounce, up 23% so far this year.

According to a Reuters poll, yellow metal prices are poised for a fresh run to record highs in coming months, with analysts revising forecasts up as geopolitical tensions, expected monetary easing and uncertainty around U.S. elections support demand.

"Retail investor and jewellery demand for gold may remain price sensitive. With higher prices, this could be a weak spot," said Nitesh Shah, commodity strategist at WisdomTree.

Silver Prices Today In India: Silver prices in India today witnessed sharp decline. 1kg silver prices in India today fell by Rs 3000 to Rs 84,500 and 100 grams of silver prices in the country declined by Rs 300 to Rs 8,450.

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

Gold prices in India today fell sharply by Rs 950, remained stable on July 24, fell steeply by Rs 2750 on July 23, slipped by Rs 100 on July 22, remained unchanged on July 21, declined by Rs 350 on July 20, fell by Rs 450 on July 19, declined again by Rs 150 on July 18, jumped by Rs 900 on July 17, surged by Rs 350 on July 16, and declined by Rs 100 on July 15.

1kg Silver price India movement in last 10-days

Silver price in India today recorded steep decline of Rs 3000, declined by Rs 500 on July 24, fell by Rs 3,500 on July 23, remained steady on July 22, stayed unchanged on July 21, declined by Rs 1750 on July 20, witnessed sharp decline of Rs 1450 on July 19, slipped again by Rs 1300 on July 18, jumped by Rs 1000 on July 17, declined by Rs 200 on July 16, and slipped by Rs 300 on July 15.

1 Gram of 22k Gold Rate In 5 Major Metropolitan Cities Of India On July 25, 2024:

Gold Price Chennai: Price of 1 gram of 22 carat of gold price Chennai today is Rs 6,430

Yellow Metal Price Mumbai: Price of 1 gram of 22 carat gold in Mumbai on July 25 is Rs 6,400

Precious Metal Price Delhi: Price of 1 gram of 22 carat yellow metal in Delhi on July 25 is Rs 6,415

Gold Price Kolkata: Price of 1 gram of 22 carat of yellow metal in Kolkata on July 25, 2024 is Rs 6,400

Gold Price Kerala: Cost of 1 gram of 22K gold in Kerala on July 25 is Rs 6,400

Yellow Metal Price Bangalore: Price of 1 gram of 22 carat gold in Bangalore on July 25 is Rs 6,400