Today’s Gold Price Delhi: Gold Price Surges, Big Rise in Silver

Gold prices rose by Rs 255 to Rs 51,783 per 10 grams in the national capital in line with strong global cues, according to HDFC Securities. The precious metal had closed at Rs 51,528 per 10 grams in the previous trade, according to PTI news.

Silver also surged by Rs 1,610 to Rs 58,387 per kg from Rs 56,777 per kg in the previous trade. In the international market, gold was trading higher at USD 1,762 per ounce while silver was flat at USD 20.10 per ounce, as per PTI news.

"Gold prices rallied on safe haven buying after US economy technically slipped into recession with GDP contracting for the second month," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

How much of gold can you bring to India without paying any custom duty?
According to nriguides.com, if you happen to be an Indian passenger and living abroad for more than one year, you shall be permitted to carry jewellery to India without paying any duty up to the following aggregate weight:

20 Grams, subject to maximum value of Rs 50,000 (if it s a male passenger)

40 Grams of gold, subject to maximum value of Rs 100,000 (if it is a female passenger)

If it is male, female, and stayed abroad for less than a year for any type of gold, there will be no free allowance, as per nriguides.com.

Is the allowance applicable for children, too?
The duty-free allowance is applicable for children as well only if they have stayed abroad for more than one year.

Will you be able to bring a gold coin, gold biscuit, or gold bar within the allowance limit?
No, the allowance remains available only for gold jewellery. If you carry gold in other forms, you will be liable to pay duty.

What is the custom duty that you may have to pay on excess gold jewellery?
If you have stayed abroad for over a year, the discounted duty payable is 13.75%.

What are the various ways to invest in the yellow metal?

You can invest in several ways in the precious metal. When you explore, you will find that you can invest in gold jewellery, Gold ETFs, digital gold and gold mutual funds, among others. It is worth mentioning that you will require to shell out GST payment of 3% on gold.

Who imports gold in India?

There are many leading government owned banks, private banks, and private companies that import gold. There is surge in the number of private companies importing gold in India in the last few years.