Gold, Silver In Delhi Vs Mumbai Post Budget: Yellow Metal Falls Most, Where Is 24K, 22K, 18K Gold Cheaper?

Gold and silver rates tumbled sharply, recording their biggest-ever drop in 24K/100 grams by Rs 29,900. In Mumbai, 10 grams of 22K and 24K has slipped below Rs 65,000 and Rs 71,000 levels, and is expected to further fall ahead. While 18K of 10 grams is now below Rs 53,150 levels. Also, 1 kg of silver price dipped by a whopping Rs 3,500 in a single-day. Nonetheless, gold is still more expensive in Delhi than in Mumbai despite the latest free fall.

Gold prices nosedived after Finance Minister Nirmala Sitharaman more than halved custom duty on gold and silver to 6% from earlier 15%. Duty on silver and gold dore has also been sharply trimmed to 5.35% from earlier 14.35%. The announcement was made on July 23.

In her Budget 2024 speech, Sitharaman on Tuesday said, "To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent."

The budget is warmly welcomed by the general public since now they will be able to buy gold and silver at an affordable rate. Gold rates were near their all-time highs which was witnessed last week. Gold prices had been falling 6 days before the Budget, however, witnessed an frenzy decline on July 23 alone due to a customs duty cut.

Amidst this, who is offering cheaper gold? Mumbai or Delhi?

Gold Prices In Mumbai:

22K gold price in Mumbai stood at Rs 64,950 in 10 grams, down by Rs 2,750 on July 23 compared to the previous day. While 100 grams is at Rs 6,49,500, after a decline of Rs 27,500 compared to the previous day. 8 grams of gold lowered by Rs 2,200 to Rs 54,960, and 1 gram is down by Rs 275 to Rs 6,495.

24K gold price in 100 grams slipped by Rs 29,900 which was the most, and is currently priced at Rs 7,08,600. 10 grams of the same is at Rs 70,860, down by Rs 2,990. Further, 8 grams is down by Rs 2,392 to Rs 56,688. Also, 1 gram is lower by Rs 299 to Rs 7,086.

18K gold price tumbled by Rs 22,500 to Rs 5,31,400, 10 grams is down by Rs 2,250 to Rs 53,140, 8 grams is lower by Rs 1,800 to Rs 42,512, and lastly, 1 gram is at Rs 5,314 down by Rs 225.

24K/10 grams of gold is cheaper by Rs 150 in Mumbai than the gold of 10 grams sold in Delhi.

Gold Prices In Delhi:

In the national capital, 100 grams of gold dipped by Rs 29,900 in 24K to Rs 7,10,100. While 10 grams of gold is at Rs 71,010 down by Rs 2,990, and that of 8 grams is lower by Rs 56,808 lower by Rs 2,392. Also, 1 gram is down by Rs 299 to Rs 7,101.

On July 23, 22K of 100 grams in this city, dipped by Rs 27,500 to Rs 6,51,000. 10 grams plummeted by Rs 2,750 to Rs 65,100, 8 grams shed Rs 2,200 to Rs 52,080, and 1 gram edged down by Rs 275 to Rs 6,510.

18K of gold is down by Rs 22,500 to Rs 5,32,700, while 10 grams is lower by Rs 2,250 to Rs 53,270. Moreover, 8 grams of gold dropped by Rs 1,800 to Rs 42,616, and that of 1 gram is down by Rs 5,327.

Silver Prices In Mumbai Vs Delhi:

1Kg silver price in Mumbai and Delhi nosedived by Rs 3,500 each in a single day. The price is now at Rs 88,000 in both Delhi and Mumbai.

While 100 grams silver is down by Rs 350 to Rs 8,800, and 10 grams lower by Rs 35 to Rs 880 in both the cities.